Gold price falls Rs10,900 a tola in a day; petrol cut again by Rs3
24-karat gold dropped to Rs416,536 a tola on Thursday, and petrol is now Rs335 a litre with diesel at Rs364. What changed, why, and what it means for buyers.
Two prices Pakistanis watch closely both moved down on Thursday, 12 November. Gold fell by Rs10,900 a tola in a single day, and the government cut petrol for the second time this week.
How much is gold in Pakistan today?
The All Pakistan Sarafa Gems and Jewellers Association set 24-karat gold at Rs416,536 a tola on Thursday, down Rs10,900 from Wednesday’s Rs427,436, according to rates reported by Bloom Pakistan and Investify. Ten grams of 24-karat gold now works out to about Rs357,100.
This is the third fall in a row. On Tuesday the tola was Rs430,836, so in two days it has lost more than Rs14,000.
The reason is abroad. International gold fell about $109 an ounce, Bloom Pakistan reported, and Bloomberg said on Thursday that gold was holding below $4,000 an ounce as markets prepare for an interest-rate rise by the US Federal Reserve in December. Higher US rates make gold, which pays no interest, less attractive to hold. Local rates in Pakistan follow the world price plus the rupee, so when the world price drops this sharply, the Sarafa rate follows the same day.
Rates in local markets can differ from the association’s rate. PakGold listed Rs418,960 a tola from the Rawalpindi market on the same day.
What is the petrol price from 12 November?
The Petroleum Division cut petrol by Rs3 to Rs335 a litre and high-speed diesel by Rs7 to Rs364 a litre from Thursday, according to the notification reported by Dawn and PakWheels. That comes a day after the previous cut, which took petrol down Rs8 to Rs338 and diesel down Rs7 to Rs371 from 11 November.
Diesel has now fallen Rs14 a litre in two days. That matters beyond car owners: trucks, buses, tractors and generators run on diesel, so transport fares and freight costs are the first place a cut like this can show up, if transporters pass it on.
Oil prices have been sliding as talks over the Iran war continue, Bloomberg reported, which gives the government room to cut.
What should buyers do?
People buying gold for weddings this season are getting a better rate than at any point this week, but gold can rise as quickly as it falls, so nobody can say where it goes next. Our gold rate page and petrol price page are updated every run with the latest confirmed numbers.
This is information, not investment advice.
