Gold rate in Pakistan today: Bullion price surges by Rs 1,100 per tola

Gold price in Pakistan settles at Rs 214,300 per tola and Rs 183,728 per 10 grams
An undated image of gold jewellery. — Unsplash
An undated image of gold jewellery. — Unsplash

Gold price in Pakistan — in line with the trend in the local and international market — surged by Rs 1,100 per tola and Rs 943 per 10 grams on Monday as festive demand pushed the bullion rates higher.

According to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) settled at Rs 214,300 per tola and Rs 183,728 per 10 grams.

Meanwhile, the price of the yellow metal increased by $8 to settle at $2,042 per ounce in the international market today.

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 managed to remain unchanged at Rs2,550 per tola and Rs2186.21 per 10 grams, respectively.

It also mentioned that the price of the bullion is made plus $20 premium in international gold rate.