Gold Prices Surged in Pakistan As Rupee weakens!

• Gold prices in Pakistan rose due to a weaker rupee and anticipation of economic indicators.
• Gold gained Rs3,000, or 1.2%, throughout the week ending July 13, 2024.
• on global rates, exchange rates, and local supply and demand.

On Saturday, gold prices in Pakistan saw an uptick supported by a depreciation in the rupee, with investors closely monitoring macroeconomic indicators that could influence future monetary policy decisions by the State Bank of Pakistan.

According to data from the All Sindh Sarafa and Jewellers Association (ASSJA), the price of gold rose by Rs400 per tola and Rs343 per 10 grams, settling at Rs249,400 and Rs213,820, respectively.

Throughout the week ending July 13, 2024, gold prices in Pakistan climbed by Rs 3,000, or 1.2%.

The association highlighted that the current price of gold in Pakistan remains competitively lower by Rs3,000 per tola compared to prices in Dubai, indicating a cost advantage for local buyers.

Meanwhile, silver prices remained stable at Rs 2,900 per tola and Rs 2,486.28 per 10 grams.

Determining gold prices in Pakistan

Gold prices in Pakistan are determined by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), which announces rates six days a week from Monday to Saturday.

Pakistan relies on imports to meet its gold demand, as the country does not produce the precious metal domestically. Therefore, local gold prices are influenced by global market rates, the rupee-dollar exchange rate, and domestic supply and demand dynamics. Prices are set based on recent transactions between buyers and sellers in the local market.

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The stability and fluctuations in gold prices in Pakistan reflect broader economic trends and international market conditions, impacting both investors and consumers in the country’s gold market.