Gold rate in Pakistan today: Bullion price marks second consecutive uptick, nears all-time high

Price of per ounce gold in international market ascends to $2,311 after noting an upsurge of $21
An undated image displaying gold bars. — Pixabay
An undated image displaying gold bars. — Pixabay

Demonstrating its stride towards all-time high, gold price in Pakistan registered massive gains on Thursday for the second consecutive session, staying in line with the cost of the yellow metal in the international market and fluctuations in the rupee-dollar exchange rate.

The per tola gold rate in Pakistan (24 carats) increased by Rs2,200 to settle at Rs241,100, while the 10 grams gold price in Pakistan jumped by Rs1,886 to settle at Rs206,704, according to the data shared by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA),

Data disclosed by the association also showed that the price of silver per tola and per 10 grams registered substantial hikes of by Rs40 and Rs34.29 to settle at Rs2,650 and Rs2,271.94, respectively. Similarly, the price of per ounce gold in the international market also ascended to $2,311 after noting an upsurge of $21.

It's noteworthy that per tola bullion price in the domestic market has undergone an upsurge of over Rs5,000 this week so far.

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.