Gold rate in Pakistan today: Per tola bullion price hits all-time high of Rs245,100

Per tola gold rate in Pakistan (24 carats) jumped by Rs4,900 to settle at Rs245,100
An undated image of gold bangles. — Pixabay

An undated image of gold bangles. — Pixabay

In a surprising show of its skyrocketing gains, gold price in Pakistan has surged to an all time high on Friday, which aligns with the yellow metal's record high cost in the international market.

As per the data shared by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), per tola gold rate in Pakistan (24 carats) jumped by Rs4,900 to settle at Rs245,100, while the 10 grams gold price in Pakistan rose by Rs4,200 to settle at Rs210,134.

This historical price hike comes on the heals of the record increase of $44 in yellow metal's per ounce rate in the international market, propelling it to $2,350. Meanwhile, data shared by the association also showed that the price of silver per tola and per 10 grams remained unchanged at Rs2,650 and Rs2,271.94, respectively.

With the latest price hike, per tola bullion price in Pakistan's domestic market has underwent an increment of almost Rs10,000 this week, a feat never witnessed before. 

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.