Gold price reaches Rs500 higher per tola in Pakistan
Gold Prices Soar in Pakistan, Reflecting Global Market Trends
In a rollercoaster week for the gold market in Pakistan, prices showed a pattern of decline followed by a rebound and a sharp increase. The international gold rate per ounce, which stood at around $3,288.59 on August 1, experienced fluctuations that had a significant impact on local gold prices.
On August 5, domestic gold prices dipped slightly, with 24 karat gold per tola dropping to approximately Rs357,597. However, the downward trend was short-lived as prices began to rebound the following day. On August 6, 24 karat gold per tola increased by Rs1,300 to Rs359,300. This upward trend intensified on August 7, when gold prices surged by Rs2,900 per tola to Rs362,200.
On Saturday, the local market gold price increased further, with 24 karat gold per tola reaching Rs359,000. Unfortunately, no information about the price of 10-gram gold on Saturday was provided.
The international gold rate per ounce gained $5 today, reaching $3,368. This increase in the international market had a direct impact on the local market, with 10-gram gold being sold at Rs308,213 as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), marking a gain of Rs429 compared to the previous day.
Interestingly, on Monday, gold prices in Pakistan continued to rise, with 10-gram gold gaining Rs429 to be sold at Rs308,642. The increase in the local market gold price was Rs500, resulting in 24 karat gold per tola reaching Rs359,500.
These gold price movements closely tracked international bullion market fluctuations influenced by global demand, currency rates, and geopolitical-economic uncertainty. This short-term volatility reflects broader trends of investors seeking gold as a safe asset amid unstable markets.
In summary, the historical trend over the past week in Pakistan shows a mild dip early in the week followed by a strong upward surge in gold prices, highlighting renewed investor interest and global market influences.
On August 7, the surge in international gold prices influenced the local market, causing domestic 24 karat gold per tola to increase dramatically by Rs2,900 to Rs362,200. Furthermore, the growing investor interest in gold as a safe asset during uncertain times led to a high demand for both gold and silver, causing the index of the finance industry to rise as well.
