Business Desk
Mar 28, 2024
An undated image of gold. — Freepik
Gold prices in Pakistan registered a significant upsurge for the third consecutive session on Thursday, owing to an uptick observed in yellow metal's cost in the international market and rupee-dollar fluctuation.
The per tola gold rate in Pakistan (24 carats) increased by Rs1,500 to settle at Rs231,000; while the 10 grams gold price in Pakistan gained Rs1,285 to settle at Rs198,045, as per the data shared by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA),
Likewise, the price of per ounce gold in the international market saw an increase of $14 to settle at $2,214. Meanwhile, data shared by the association also showed that the price of silver per tola and per 10 grams remained unchanged at Rs2,580 and Rs2,211.93, respectively.
Gold price in Pakistan is announced by the association, which determines gold prices in Pakistan for local markets six days a week from Monday to Saturday.
Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.
Accordingly, the gold rate in Pakistan is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets. The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.
Gold price in Pakistan has been volatile in Pakistan recently amid continued political and economic uncertainty and high inflation. People prefer to buy this precious commodity in such times as a safe investment and a hedge.
Local dealers believe that the return of inflationary days in Pakistan and worldwide has once again invited investors’ attention towards the yellow metal as safer commodities become attractive at such a time.
On the physical side, demand for gold in Pakistan recently picked up pace as some consumers bought into a retreat in domestic prices as the wedding season will kick off immediately after Ramadan.
