Gold Prices in Pakistan Surge to Record Highs Amid Global Rally
Gold prices in Pakistan rose sharply on Thursday, increasing by Rs13,700 per tola to Rs471,936, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The surge came in line with a rise in international bullion prices, which gained $137 per ounce to reach $4,495.
In the local market, the price of 10 grams of gold rose by Rs11,746 to Rs404,609, the association reported. Silver also posted gains, with prices increasing by Rs317 per tola to Rs7,169 and 10 grams of silver up Rs317 to Rs6,146.
The Express Tribune, which reported Thursday's figures, described the increase as a 'skyrocket' and a 'surge,' emphasizing the magnitude of the daily move.
The sharp increase on Thursday reverses a decline recorded the previous day. On Wednesday, gold prices in the local market fell by Rs3,700 per tola to Rs458,236, even as international rates surged more than 3% to their highest level in over two and a half months, the APGJSA said. Ten-gram gold was available at Rs392,863 on Wednesday after a drop of Rs3,172.
Prior to Wednesday's dip, the market had seen a period of relative stability. On Tuesday, gold prices remained steady at Rs461,936 per tola. On Monday, prices had gained Rs2,000 per tola to reach Rs461,936, with 10 grams selling at Rs396,035, up Rs1,715, according to the APGJSA.
In a separate report, The Nation described a continuing upward movement in gold prices, citing a rise of Rs4,200 per tola to Rs487,136, which it said extended a winning streak to four consecutive days. The rate for 10 grams of 24-karat gold increased by Rs3,601 to Rs417,640. The Nation attributed the rise to global bullion rates, which it said gained $42 per ounce to reach $4,646.
It is important to note that The Nation's report refers to Monday's trading, while The Express Tribune's figures are for Thursday. The two outlets' price figures are not directly comparable, as they are based on different trading days.
The Nation also noted that silver prices remained unchanged at Rs7,379 per tola, a figure that differs from Thursday's silver price reported by The Express Tribune.
Both outlets attributed the domestic price movements to international market trends and, in The Nation's case, to fluctuations in the rupee-dollar exchange rate, which it said influence gold prices in Pakistan.
The continued gains have kept gold prices at elevated levels in both Pakistan and international markets, according to The Nation, which noted the precious metal's fourth successive daily increase.
Market participants will be watching for further developments in international bullion prices and currency movements, which are expected to continue influencing domestic gold rates.