Business Desk
Feb 22, 2024
Gold price in Pakistan extended gains for the seventh consecutive day as the yellow metal registered meagre gains on Thursday.
According to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs 100 per tola and Rs 85 per 10 grams to settle at Rs 215,300 and Rs 184,585, respectively.
Meanwhile, the price of the yellow metal gained $3 per ounce settling at $2,051 in the international market today.
Cumulatively, gold price in Pakistan gained Rs 4,500 per tola in the last seven sessions — i.e. February 15 - 22.
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.
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 price for local markets 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.
On the physical side, demand for gold in Pakistan picked up pace this week as some consumers bought into a retreat in domestic prices as the wedding season will kick off immediately after Ramadan.
Data shared by the association showed the price of silver remained unchanged at Rs 2,570 per tola and Rs 2,203.36 per 10 grams, respectively.
It also mentioned that the price of the bullion is made plus $20 premium in international gold rate.
