Gold Prices Surge in Pakistan Amid International Market Trends

On Tuesday, the price of gold in Pakistan saw a significant increase, reflecting a rise in the international market. According to the All Pakistan Jewellers and Gems Merchants Association (APGJSA), the price of gold per tola rose by Rs 700, reaching Rs 241,000. Similarly, the price of 10-gram gold increased by Rs 600, now selling at Rs 206,619.

This surge in gold prices comes after a day of stability on Monday, when the price per tola remained unchanged. The international rate of gold also saw an increase, with the price per ounce rising by $10 to $2,336, including a premium of $20.

In contrast, silver rates remained steady at Rs 2,820 per tola. Gold prices in Pakistan had previously reached an all-time high of Rs 252,200 per tola in April, driven by fluctuations in the international market.

Why this matters: The surge in gold prices in Pakistan has broader implications for the country's economy and trade. This increase may lead to a ripple effect on the prices of other commodities and impact the purchasing power of consumers.

The increase in gold prices is attributed to a rise in the international market, where the price of gold increased by $10 to $2,336 per ounce, up from $2,326. These changes reflect global demand and supply dynamics for the precious metal.

The All Pakistan Jewellers and Gems Merchants Association noted that the price of gold has been kept Rs 3,000 below cost as a result of the reduction in purchasing power of buyers. Despite this, the recent surge highlights the ongoing volatility in the market.

To recap, the significant increase in gold prices in Pakistan aligns with the global trend, driven by changes in the international market. The price per tola has reached Rs 241,000, while the 10-gram gold price stands at Rs 206,619. This development highlights the impact of international market dynamics on local bullion prices.

Key Takeaways

• Gold price in Pakistan increases by Rs 700 to Rs 241,000 per tola.
• 10-gram gold price rises by Rs 600 to Rs 206,619.
• International gold price increases by $10 to $2,336 per ounce.
• Silver rates remain steady at Rs 2,820 per tola.
• Gold price surge may impact Pakistan's economy and consumer purchasing power.