Gold rate in Pakistan today: Price jumps by Rs3,500 per tola

Gold price in Pakistan extends gains for third consecutive day
An undated image of gold bangles. — Reuters
An undated image of gold bangles. — Reuters

Gold price in Pakistan jumped on Saturday by Rs3,500 per tola, extending gains for the third consecutive day.

The data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the per tola gold rate in Pakistan (24 carats) rose by Rs3,500 to settle at Rs220,300; while the 10 grams gold price in Pakistan rose by Rs3,001 to settle at Rs188,872.

In the international market, the price of the yellow metal gained $36 per ounce settling at $2,103.

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.

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.

Data shared by the association showed the price of silver per tola rose by Rs60 to settle at Rs2,600 and rose by Rs25.72 per 10 grams to settle at Rs2,229.72.

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