- Gold prices in Pakistan rose following international trends.
- Silver prices held steady at Rs 2850 per tola and Rs 2,443.41 per 10 grams.
- Pakistan meets its gold demand through imports.
KARACHI – The price of gold in Pakistan saw a consecutive increase on Friday, following a notable rise in the international market. According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) surged by Rs700 per tola and Rs600 per 10 grams, settling at Rs241,700 per tola and Rs207,219 per 10 grams.
Earlier in the week, the per tola price of gold in Pakistan had reached an all-time high of Rs 252,200, highlighting significant fluctuations in the local market.
The APSGJA noted that gold in Pakistan is currently priced at Rs 1,500 per tola lower than the international market, indicating favorable conditions for local buyers.
Gold, known as a hedge against inflation, experienced volatility in Pakistan due to recent economic data. Stronger-than-expected inflation figures, which reached their lowest since May 2022, tempered expectations of a potential interest rate cut.
In contrast, global gold rates rose by $22 to settle at $2,326 per ounce, with bullion prices touching a record high of $2,431.29 earlier in April.
Meanwhile, silver prices remained steady at Rs 2850 per tola and Rs 2,443.41 per 10 grams in the Pakistani market.
The determination of gold prices in Pakistan is overseen by the APSGJA, which sets rates based on international benchmarks, currency exchange rates, and domestic supply and demand dynamics. These prices are updated six days a week, reflecting ongoing market conditions.
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Pakistan, although a modest player in the global gold market, fulfills its demand through imports due to the absence of local production. Recent price fluctuations in Pakistan have been influenced by factors such as the federal budget announcement and investor preferences for safe-haven assets amid economic uncertainties.
Stay informed about developments in gold prices by monitoring updates from the APSGJA and international market trends, which play a crucial role in shaping local market dynamics.
