Gold rate in Pakistan today:Bullion shines, regains Rs1,000 per tola

Gold price in Pakistan gains Rs800 per tola during the week ended February 24
An undated image of jewellery. — Pixabay
An undated image of jewellery. — Pixabay

Gold price in Pakistan regained its lost shine as rates rose by Rs1,000 per tola a day after the precious metal snapped ita seven-day winning streak.

The data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) rose by Rs1,000 per tola and Rs858 per 10 grams to settle at Rs215,100 and Rs184,414, respectively.

Meanwhile, the price of the yellow metal gained $16 per ounce settling at $2,056 in the international market today.

Cumulatively, gold price in Pakistan gained Rs800 per tola during the week ended February 24, 2024.

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 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.

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.