Gold rate in Pakistan today: Per tola price jumps by Rs1,800

Price of per tola silver also rose by Rs10 to settle at Rs2,610
An undated image of gold bars. — Pexels

An undated image of gold bars. — Pexels

After experiencing a slight decrease in the previous session, the gold price in Pakistan saw a significant rise on Wednesday due to fluctuations in the rupee-dollar exchange rate and the increasing cost of the yellow metal in the international market.

As per the data shared by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the per tola gold rate in Pakistan (24 carats) increased by Rs1,800 to settle at Rs238,900, while the 10 grams gold price in Pakistan upscaled by Rs1,543 to settle at Rs203,275.

Similarly, breaking free from the hiatus that was long engulfed over it, the price of silver per tola and per 10 grams also rose by Rs10 and Rs8.57 to settle at Rs2,610 and Rs2,237.65, respectively. The price of per ounce gold in the international received also noted an upsurge of $17 to settle at $2,290.

It's noteworthy that the bullion price in the domestic market undergone an upsurge of Rs6,600 per tola during the past week.

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.