The price of gold in Pakistan rose on Thursday, reflecting the surge in international rates.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs1,400, reaching Rs254,900 in the local market.
Additionally, the price of 10-gram gold increased by Rs1,201, bringing it to Rs218,536. This uptick aligns with the global trend where the international gold rate also experienced a rise. The rate per ounce reached $2,432, inclusive of a $20 premium, marking a $17 increase over the day.
The previous day, the price per tola of gold had seen an increment of Rs1,200. This consistent upward movement comes after a significant rise earlier this month when gold prices jumped by Rs4,600 per tola, setting a record high of Rs254,000 in the local market.
While gold prices continued to soar, the rates for silver remained stable. As per the APGJSA, silver prices were unchanged at Rs2,900 per tola.
Analysts suggest that the fluctuations in gold prices are influenced by various factors including global economic conditions and investor sentiment. The rising prices are a reflection of increased demand and the precious metal’s role as a hedge against inflation and currency devaluation.