Business
Gold Price Surges in Pakistan as International Market Rises
The latest data shared by All-Pakistan Sarafa Gems and Jewellers Association shows that price of 24-carat gold rose by Rs2,700 per tola and Rs2,315 per 10 grams, reaching Rs223,400 and Rs191,530, respectively.
Karachi: Gold prices in Pakistan continued their upward trend for the second consecutive day on Friday, following an increase in the international market. According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose by Rs2,700 per tola and Rs2,315 per 10 grams, reaching Rs223,400 and Rs191,530, respectively.
The surge in gold prices can be attributed to a $36 increase, settling at $1,965 per ounce in the international market today.
The development took place at the moment when the local currency exhibited a slight appreciation against the dollar, with a gain of Rs0.18 or 0.06%, closing at Rs287.19 in the interbank market today.
Over the past two sessions, the precious metal's prices have cumulatively risen by Rs4,400. The volatile nature of gold prices in Pakistan can be attributed to factors such as political and economic uncertainty, high inflation, and currency depreciation. During times of uncertainty, individuals often turn to gold as a safe investment and a hedge.
Previously, the market experienced a significant decline influenced by factors like international rates, rupee appreciation against the dollar, the Biparjoy policy, and adverse weather conditions that restricted buyers from engaging in transactions.
Data from the association also indicated a slight increase in silver prices, with a rise of Rs100 per tola and Rs85.73 per 10 grams, settling at Rs2,650 and Rs2,271.94, respectively.