In Pakistan, gold prices surged on Friday, mirroring an international trend of escalating rates. The price of one tola of gold, equivalent to 11.66 grams, climbed by Rs1,400, reaching Rs217,700. Simultaneously, the price of 10 grams of gold increased by Rs1,201 to settle at Rs186,643, according to figures provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In contrast to the appreciation of gold prices, silver rates remained stable at Rs2,600 per tola.
Yesterday, on Thursday, the price of gold across Pakistan saw a similar increase of Rs 800 per tola. Meanwhile, in the international market, gold was quoted at $2,074 an ounce, reflecting an increase of $14, with an additional premium of $20.
The price of gold in Pakistan has been steadily increasing over the past week, with a steady rise of Rs1,500 per tola on Monday, followed by speculating that Rs700 per TOLA on Tuesday. However, prices peaked at Rs600 per Tola during the Wednesday upturn before recovering with an additional Rs800 per TTO on Thursday, leading to accumulating higher gold prices.
Numerous factors, such as changes in currency values, international price fluctuations, and economic conditions, affect Pakistan’s gold rates. Local gold markets are influenced by the complex relationship between gold prices and the US dollar exchange rate.
On the global front, spot gold exhibited a marginal decline of 0.1 percent, trading at $2,054.29 per ounce at 1030 GMT, while gold futures in the US saw a 0.1 percent increase to reach $2,071.40. Despite this slight dip, gold is poised for its most significant weekly gain since December.
It is noteworthy that Pakistani gold prices can fluctuate significantly throughout the day, reflecting patterns observed in the global market. Those who want the most current and accurate information are encouraged to speak with nearby jewelers and gold merchants.