The price of 24-karat gold per tola in Pakistan experienced a decline on Tuesday, dropping by Rs.1,200 to settle at Rs.214,800. This marked a notable decrease compared to the previous trading day’s rate of Rs.216,000. Similarly, the price for 10 grams of 24-karat gold saw a reduction of Rs.1,029, reaching Rs.184,156 from the previous Rs.185,185. The All Sindh Sarafa Jewelers Association reported a decrease in the 10-gram prices for 22-karat gold as well, now standing at Rs.168,810 from Rs.169,753.
Contrastingly, silver prices remained unchanged, with both per tola and ten grams holding steady at Rs.2,600 and Rs.2,229.08, respectively. On the international front, the price of gold experienced a dip of $11, settling at $2,048 from the previous $2,059.
Shifting focus to economic indicators, the Sensitive Price Indicator (SPI) for the week ending February 1 depicted a 0.28 percent decrease across combined consumption groups. In Pakistan, the SPI, a measure of inflation, recorded 317.65 points, showcasing a decline from the previous week’s 318.55 points. However, in comparison to the same week in the previous year, the SPI demonstrated a notable increase of 39.45 percent. Covering 17 urban centers and 51 essential items, the SPI for the lowest consumption group experienced a decrease of 0.85 percent, settling at 310.42 points.
These fluctuations underscore the dynamic nature of the precious metal market and its ripple effect on broader economic indicators.
