Jun 27, 2024
An undated image of gold jewellery displayed at a store. — AFP
After undergoing insignificant downturns in two consecutive sessions, gold price in Pakistan on Thursday marked a slight uptick, following the repeal of an undercost it was being sold at domestically.
According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) in Pakistan increased by Rs400 per tola and Rs343 per 10 grams to settle at Rs241,000 per tola and Rs206,619 per 10 grams.
Per tola gold price in Pakistan touched an all-time high of Rs252,200 per tola on Saturday (April 20, 2024).
The association also mentioned that the undercost, implemented earlier on per tola gold price in Pakistan, was withdrawn, indicating a variation in yellow metal's cost in the national and international markets.
Gold — which is considered a hedge against inflation — registered losses in the local market after stronger-than-expected inflation data — which fell to its lowest level since May 2022 — softened expectations of a rate cut.
In contrast to the local market, gold rates in the international market decreased by $9, settling at $2,304. Bullion price in the global market touched a record high of $2,431.29 on April 12.
Meanwhile, silver prices remained unchanged at Rs2850 per tola and Rs2,443.41 per 10 grams.
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, majorly owing to the annual budget announced by the federal government almost two weeks ago. People prefer to buy this precious commodity in such times as a safe investment and a hedge.
