The price of gold in Pakistan has gone up for the third consecutive day on Thursday, reflecting trends in the global market. This latest increase highlights how international economic changes impact local bullion markets.
Local Gold Rates Surge
In the domestic market, the price of 24-karat gold per tola jumped by Rs1,300, bringing it to Rs278,300, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Likewise, the price of 10 grams of 24-karat gold rose by Rs1,114, setting the new rate at Rs238,597.
The rise in local gold prices corresponds with international market trends, where gold increased by $13 on Thursday, reaching $2,665 per ounce, plus an additional premium of $20.
Stability in Silver Prices
In contrast to gold, the price of silver in Pakistan remained unchanged at Rs3,350 per tola, offering some relief to buyers in the precious metals market.
What’s Causing the Increase?
The global rise in gold prices is driven by growing concerns about economic stability, leading investors to seek the precious metal as a safe haven. Changes in the international market often have a direct effect on local gold prices in Pakistan, further intensifying the impact on domestic buyers and investors.
The ongoing increase in gold prices is likely to influence consumer purchasing power, especially during the wedding season when demand for gold typically spikes. Analysts predict further fluctuations in the coming days, advising consumers to stay cautious.
As global trends continue to affect local markets, buyers in Pakistan prepare for possible changes in the prices of precious metals.