Gold sustained its downward trend for the second consecutive session on Saturday, experiencing a decline of Rs900 per tola in the Pakistani gold market.
The price of one tola gold was established at Rs220,000, and the 10-gramme gold recorded a sale at Rs188,615, reflecting a decrease of Rs771.
These figures were provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In comparison, Friday witnessed a decrease of Rs1,900 per tola in gold rates in Pakistan. This local downturn aligns with the global moderation observed in the price of gold.
The international rate of gold, marked by a $20 premium, was set at $2,082 per ounce on Saturday, following an $8 dip in the international market, according to APGJSA.
In contrast, silver rates in Pakistan remained stable at Rs2,680 per tola.
Reflecting on the broader trend, the year 2023 saw a noteworthy 20 per cent increase in gold prices in Pakistan, with the price per tola reaching around Rs184,000 by the end of 2022.
The pinnacle of gold rates in 2023 occurred on September 2, recording Rs242,700 per tola, while the lowest point in the year was noted on October 4 at Rs188,400 per tola, based on APGJSA data.
On Friday, the gold market in Pakistan halted its previous upward trend, experiencing a decline in tandem with the global decrease in gold prices.
As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price per tola of gold was adjusted to Rs220,900, reflecting a one-day decrease of Rs1,900.
The 10-gramme gold rate also saw a reduction, reaching Rs189,386 after a decrease of Rs1,629.
Contrary to Thursday’s surge of Rs 2,200 per tola, the international gold rate exhibited a setback, settling at $2,090 per ounce on Friday with a $20 premium. This decline of $15 in the global market was noted by the APGJSA.
In the same period, silver rates remained unchanged at Rs2,680 per tola in the local market.
On Thursday, the price of gold in Pakistan once again saw an upward trend, mirroring the global surge in rates.
The valued yellow metal reached Rs222,800 per tola in the domestic market, marking a noteworthy single-day gain of Rs2,200.
The 10-gramme gold, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), was traded at Rs191,015 following an increase of Rs1,886.
This escalation follows a Rs1,000 per tola rise in gold prices in Pakistan on the preceding Wednesday.
Internationally, gold prices experienced a $20 increment, reaching $2,105 per ounce (with a premium of $20), as highlighted by APGJSA.
Concurrently, silver rates remained constant at Rs2,680 per tola in the local market.
The Pakistan Bureau of Statistics (PBS) has reported that for the week ending on April 6, 2023, the Sensitive Price Indicator (SPI) based inflation has increased by 0.92 per cent. This rise is mainly due to an increase in the prices of food items such as chicken (15.87 per cent), sugar (13.48 per cent), potatoes (5.11 per cent), bananas (4.95 per cent), wheat flour (3.10 per cent), gur (2.12 per cent), eggs (1.26 per cent), fresh milk (1.24 per cent), and non-food item long cloth (1.95 per cent).
The year-on-year trend indicates an increase of 44.49 per cent, which is primarily due to a surge in the prices of cigarettes (165.88 per cent), wheat flour (131.72 per cent), gas charges for q1 (108.38 per cent), diesel (102.84 per cent), eggs (98.34 per cent), Lipton tea (97.63 per cent), broken basmati rice (84.92 per cent), bananas (82.23 per cent), petrol (81.17 per cent), irri-6/9 rice (80.61 per cent), moong (68.14 per cent), potatoes (65.95 per cent), maash (56.70 per cent), and onions (55.75 per cent). However, a decrease in prices has been observed for tomatoes (50.39 per cent) and powdered chillies (6.48 per cent).
The SPI for the week under review has been recorded at 252.06 points compared to 249.75 points in the previous week, as per the latest data released by PBS on Friday. During the week, out of 51 items, prices of 27 (52.94 per cent) items increased, seven (13.73 per cent) items decreased, and 17 (33.33 per cent) items remained stable.
The average prices of commodities that have increased during the week over the previous week include chicken (15.87 per cent), sugar (13.48 per cent), potatoes (5.11 per cent), bananas (4.95 per cent), wheat flour (3.10 per cent), gur (2.12 per cent), long cloth 57” Gul Ahmed/Al Karam (1.95 per cent), eggs (1.26 per cent), fresh milk (1.24 per cent), irri-6/9 rice (0.80 per cent), shirting (0.75 per cent), beef with bone (0.71 per cent), broken basmati rice (0.69 per cent), curd (0.60 per cent), toilet soap Lifebuoy (0.56 per cent), lawn printed Gul Ahmed/Al Karam (0.55 per cent), prepared tea (0.44 per cent), powdered salt (0.39 per cent), Georgette (0.36 per cent), Sufi washing soap (0.31 per cent), mutton (0.18 per cent), moong (0.16 per cent), masoor (0.15 per cent), maash (0.09 per cent), cooked beef (0.04 per cent), cooking oil Dalda or other similar brand (sn), 5 litre tin each (0.04 per cent), and cooked daal (0.02 per cent).
The commodities that have recorded a decrease in their average prices are tomatoes (14.96 per cent), onions (12.66 per cent), LPG (3.73 per cent), pulse gram (1.20 per cent), vegetable ghee Dalda/Habib 2.5 kg tin each (0.71 per cent), garlic (0.16 per cent), and mustard oil (0.03 per cent).
Commodity
Year-on-Year Change
Week-on-Week Change
Cigarettes
165.88 per cent
N/A
Wheat flour
131.72 per cent
3.10 per cent
Gas charges for q1
108.38 per cent
N/A
Diesel
102.84 per cent
N/A
Eggs
98.34 per cent
1.26 per cent
Lipton tea
97.63 per cent
N/A
Broken basmati rice
84.92 per cent
0.69 per cent
Bananas
82.23 per cent
4.95 per cent
Petrol
81.17 per cent
N/A
Irri-6/9 rice
80.61 per cent
0.80 per cent
Moong
68.14 per cent
0.16 per cent
Potatoes
65.95 per cent
5.11 per cent
Maash
56.70 per cent
0.09 per cent
Onions
55.75 per cent
12.66 per cent
Tomatoes
-50.39 per cent
-14.96 per cent
Powdered chillies
-6.48 per cent
N/A
Chicken
N/A
15.87 per cent
Sugar
N/A
13.48 per cent
Gur
N/A
2.12 per cent
Long cloth 57” Gul Ahmed/Al Karam
N/A
1.95 per cent
Fresh milk
N/A
1.24 per cent
Shirting
N/A
0.75 per cent
Beef with bone
N/A
0.71 per cent
Curd
N/A
0.60 per cent
Toilet soap Lifebuoy
N/A
0.56 per cent
Lawn printed Gul Ahmed/Al Karam
N/A
0.55 per cent
Prepared tea
N/A
0.44 per cent
Powdered salt
N/A
0.39 per cent
Georgette
N/A
0.36 per cent
Sufi washing soap
N/A
0.31 per cent
Mutton
N/A
0.18 per cent
Masoor
N/A
0.15 per cent
Cooked beef
N/A
0.04 per cent
Cooking oil Dalda or other similar brand (sn), 5 litre tin each
Pakistan Bureau of Statistics (PBS) revealed that the weekly Sensitive Price Indicator (SPI) for the joint consumption group fell 0.26 per cent for the week ending May 26, owing primarily to a drop in the prices of vital food products.
The consolidated index was 174.62 on May 19, 2022, compared to 175.08 on May 19, 2021, while the SPI increased 16.97 per cent year on year when the index was 149.29 on May 27, 2021.
The minor price reductions in essential items may be a sign that the government is finally gaining control of the country’s skyrocketing inflation, which has afflicted the poor strata.
Here are the items that witnessed a decrease or increase in their prices:
Decrement
Wheat Flour (12.25 per cent), Chillies Powdered (6.48 per cent), Chicken (4.41 per cent), Garlic (2.99 per cent), and non-food item LPG (0.43 per cent) were among the commodities that saw a decline in their rates on a WoW premise out of the 51 supervised items, with a cumulative effect of (-1.00 per cent) into the total SPI for the blended group of goods (-0.26 per cent).
Increment
27 items elevated in the week, including potatoes (8.43 per cent), tomatoes (6.33 per cent), eggs (6.29 per cent), rice basmati broken (4.71 per cent), mustard oil (4.16 per cent), pulse masaoor (3.93 per cent), milk fresh (3.47 per cent), onions (3.03 per cent), pulse gramme (2.58 per cent), curd (2.35 per cent), washing soap (2.13 per cent), cooked beef (1.55 per cent), beef (1.42 per cent), pulse mash (1.33 per cent), cooked daal (1.24 per cent). While 19 commodities’ prices remained stable.
Pakistan is delivering emergency aid commodities to Afghanistan, where severe rains and flooding killed several individuals and wrecked hundreds of residences.
The Ministry of Foreign Affairs (MOFA) on April 7, revealed that Pakistan dispatched a C-130 plane to Mazar-e-Sharif with emergency relief supplies for Afghans affected by flash floods.
According to Afghanistan’s National Disaster Management Authority (NDMA), flooding and storms killed roughly 22 people and injured 40 others in 12 regions.
On Thursday, Prime Minister (PM) Shehbaz Sharif remarked that Pakistan is with Afghan people in this challenging hour and will provide them with every possible help. He stated that the Afghan people will receive all available assistance.
PM Sharif voiced grief over the loss of innocent lives in at least ten provinces of Afghanistan as a result of floods, and urged the international community to assist the Afghan people in the aftermath of the devastating floods in a country already suffering from a humanitarian and economic crisis.
He emphasised that the Organization of Islamic Cooperation (OIC) should step up efforts to help the Afghan people afflicted by the conflict through the Afghan Humanitarian Trust. PM Sharif suggested that the international world, particularly the United Nations, begin an assistance programme for Afghanistan to offer food, medical help, and shelter to the poor and homeless.
