Gold Rate in Pakistan Surges to Rs306,300
The surge in gold prices is expected to impact the local jewelry market, with consumers facing higher prices for gold and silver ornaments. The increase in international prices is also likely to affect Pakistan's trade deficit, as the country relies heavily on gold imports.
Gold prices in Pakistan's local bullion markets saw a significant increase, with a Rs4,800 rise in the price of 24-carat gold per tola to Rs306,300, following a $47 increase in the global bullion market to $2,916 per ounce.
The increase in international prices was attributed to Pakistan's status as a net importer of gold, with the All Sindh Saraf Jewellers Association determining gold prices in the country. The rupee-dollar parity also played a role in the local pricing, with the price of gold per 10 grams increasing by Rs4,115 to Rs262,602. Silver prices also rose, with a Rs48 increase per tola to Rs3,315 and a Rs39 increase per 10 grams to Rs2,842.
On Wednesday, the gold price in Pakistan continued to rise, reaching Rs307,000 per tola, an increase of Rs700, while 10-gram gold was sold at Rs263,203, an increase of Rs601. The international rate of gold also increased, with the price per ounce reaching $2,921 with a premium of $20. However, silver prices decreased by Rs54 to settle at Rs3,369 per tola.
The fluctuations in gold prices are being closely monitored by investors and consumers alike, as the precious metal continues to be a popular investment option in Pakistan. The All Sindh Saraf Jewellers Association will continue to determine gold prices in the country, taking into account international market trends and the rupee-dollar parity.
