KARACHI: After witnessing a decline in the previous session, gold prices in Pakistan surged on Friday in response to a rise in the international market. The local gold price per tola increased by Rs500, bringing it to Rs241,700, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Similarly, the price of 10-gram gold experienced an upward trend, gaining Rs429 to be sold at Rs207,219. This adjustment followed a significant drop on Thursday, where the price per tola fell by Rs1,500.
On the international front, gold prices saw a modest increase on Friday. The APGJSA reported the international rate of gold at $2,342 per ounce, including a premium of $20, marking a $7 rise during the day.
Contrastingly, silver prices in the local market remained stable at Rs2,900 per tola, showing no change from the previous session.
It’s noteworthy that last month, gold prices in Pakistan soared to an unprecedented high of Rs252,200 per tola, reflecting the volatile nature of the precious metal market.
International Influence on Local Market
The local increase is primarily attributed to the international market trends, which have a significant impact on the pricing in Pakistan. The interplay between global and domestic markets continues to influence the fluctuating rates, posing challenges for both investors and consumers.
Market analysts suggest that these variations are driven by a combination of factors, including economic policies, currency fluctuations, and geopolitical tensions, all of which contribute to the gold market’s dynamics.
Stability in Silver Prices
While gold has shown variability, silver prices have exhibited stability, remaining unchanged at Rs2,900 per tola. This steadiness provides a contrast to the volatility observed in gold prices, offering a more consistent investment option for those looking at precious metals.