Gold Prices in Pakistan Continue Multi-Day Surge
Gold prices in Pakistan have risen sharply over three consecutive trading days, according to rates issued by domestic bullion associations. On Monday, the price of one tola of 24-karat gold increased by Rs4,200 to Rs487,136, as reported by the All Pakistan Gems and Jewellers Association. This follows a rise of Rs5,700 per tola on Saturday, when the price settled at Rs482,936, according to the All Pakistan Sarafa Gems and Jewellers Association. Over the past two days, gold prices in Pakistan have increased by Rs10,900, and with Monday's latest increase, the total rise over three consecutive sessions amounts to Rs15,100.
The upward trend in domestic prices reflects continued strength in the international gold market. On Monday, the international price climbed by $42 to $4,646 per ounce, according to the same association. On Saturday, the international gold price increased by $57 to $4,604 per ounce, as per the All Pakistan Sarafa Gems and Jewellers Association.
Weekend Price Movements
The local market on Saturday saw a sharp increase, with the price of 10 grams of 24-karat gold rising by Rs4,972 to Rs414,039. Similarly, 10 grams of 22-karat gold increased by Rs4,558, settling at Rs379,549. In the international market, gold prices increased by $57 to $4,604 per ounce. These figures were attributed to rates released by the All Pakistan Sarafa Gems and Jewellers Association.
Silver Prices Remain Stable
Beyond the precious metal's gold, silver prices remained unchanged in the local market over the persistent period. The price of silver per tola stayed at Rs7,379, while 10 grams of silver remained stagnant at Rs6,326. On Saturday, the international silver price held steady at $69 per ounce, as reported by the Sarafa association.
Factors Behind the Rise
According to the BOL News, the latest gains come amid continued strength in international gold prices, which have contributed to the rise in domestic rates. The report also noted that gold has traditionally been regarded as a safe-haven investment, with its value typically rising during periods of inflation, political uncertainty, and economic instability. For centuries, gold has served as both a store of wealth and a form of currency, and investors often turn to the precious metal when confidence in other asset classes weakens, making it a preferred hedge against market volatility.
Additionally, BOL News recounted that last year Pakistan revised its mechanism for determining domestic gold prices. Under the new formula, the local gold price is set at $20 per ounce above the prevailing international market rate, which has been a factor in the current price dynamics.
Recent Prior Price Movements
The multi-day surge follows a period of significant increases on Friday. According to BOL News, the international price of gold rose by $52 per ounce to reach $4,547 per ounce, and the local market saw a rise of Rs5,200 per tola to take the price to Rs477,136 per tola. That same day, the price of 10 grams of gold increased by Rs4,458 to Rs409,067, based on market data. These actions have contributed to the sustained upward trend.