old prices in Pakistan have declined significantly in recent months, reaching their lowest levels in over a year. This is good news for consumers, as it makes gold more affordable to buy.

On October 19, 2023, the price of one tola of 24-karat gold in Pakistan was Rs. 213,800. This is down from Rs. 230,000 in September and Rs. 245,000 in August.

There are a number of factors that have contributed to the decline in gold prices, including:

• A decrease in global demand for gold. This is due to a number of factors, including the ongoing COVID-19 pandemic and the war in Ukraine.
• A rise in the value of the Pakistani rupee against the US dollar. This makes gold imports cheaper.
• A decrease in the interest rate offered by the State Bank of Pakistan. This makes gold more attractive as an investment, as it offers a higher return than other investments.

The decrease in gold prices is a boon for consumers, as it makes gold more affordable to buy. This is especially important for low-income households, who often view gold as a safe haven investment. Gold can also be used as collateral for loans, so a decrease in prices can make it easier for people to access credit.

However, the decrease in gold prices is not all good news. It is also a sign of a weakening economy. Gold is often seen as a safe haven asset, so when people are selling gold, it is a sign that they are losing confidence in the economy. Additionally, the decrease in gold prices could lead to a decline in the value of the Pakistani rupee, as the government may sell gold reserves to raise foreign currency.

Despite the potential risks, the decrease in gold prices is a positive development for consumers. It makes gold more affordable to buy, which could lead to an increase in consumer spending. This could boost the economy and help to create jobs.

Expert advice on buying gold in Pakistan

If you are considering buying gold in Pakistan, here are some tips from experts:

• Do your research. Before you buy any gold, it is important to research the market and understand the different types of gold that are available. You should also compare prices from different dealers.
• Buy from a reputable dealer. Only buy gold from a reputable dealer who has a good track record. You should avoid buying gold from street vendors or online retailers that you are not familiar with.
• Get a receipt. When you buy gold, be sure to get a receipt from the dealer. This will protect you in case there is any problem with the gold.
• Store your gold safely. Once you have bought gold, it is important to store it safely. You can store your gold at home in a safe place, or you can store it in a bank vault.