- The gold rate in Pakistan saw a slight increase at the week's start due to a rise in global prices.
- Silver prices remained steady at Rs 2850 per tola and Rs 2,443.41 per 10 grams in Pakistan.
- Gold prices have been fluctuating due to market uncertainties and investment trends.
According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold in Pakistan increased by Rs500 per tola and Rs429 per 10 grams, settling at Rs242,000 per tola and Rs207,476 per 10 grams.
It's noteworthy that the per-tola gold price in Pakistan reached an all-time high of Rs 252,200 on Saturday, April 20, 2024.
The association also highlighted that the gold price in Pakistan is Rs 1,500 per tola lower than the international market, indicating a relatively cheaper gold market in Pakistan compared to the global market.
Gold, often seen as a hedge against inflation, experienced losses in the local market following stronger-than-expected inflation data, which reduced expectations of a rate cut.
Conversely, gold rates surged by $8 in the international market, settling at $2,328. The bullion price in the global market had reached a record high of $2,431.29 on April 12.
Meanwhile, silver prices remained unchanged at Rs 2850 per tola and Rs 2,443.41 per 10 grams.
The gold price in Pakistan, determined by the APSGJA, sets gold prices for local markets six days a week, from Monday to Saturday.
Pakistan's gold market is relatively small globally and meets its demand through imports since it doesn't produce gold domestically. The gold rate in Pakistan is influenced by global market prices, the rupee-dollar exchange rate, and domestic demand and supply dynamics. The latest price adjustments were made based on trade prices among buyers and sellers.
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Gold prices in Pakistan have been volatile recently, mainly due to the federal government's annual budget announcement about two weeks ago. Many people opt to invest in gold during such times as a safe investment and a hedge against market uncertainties.
