Gold Prices Surge, Then Drop in Pakistan Market
The volatility in gold prices underscores the importance of monitoring international market trends for those invested in or looking to purchase gold in Pakistan, as these fluctuations can significantly impact the value of their investments or purchases.
Gold prices in Pakistan experienced a significant surge on Thursday, reaching Rs357,000 per tola, but then declined by Rs1,500 to Rs355,500 on Friday, influenced by international market trends and fluctuations in the global gold rate.
The price increase on Thursday saw 10 grams of 24-karat gold rise by Rs685 to Rs306,069, while silver prices also saw a notable increase, with a tola rising by Rs55 to Rs3,871 and 10 grams by Rs47 to Rs3,318. These changes were mirrored in the international market, where gold rose by $8 to $3,350 and silver by $0.55 to $36.87 per ounce.
However, the gold prices in Pakistan took a downturn on Friday, with the price per tola falling to Rs355,500 after a loss of Rs1,500 during the day. Similarly, the 10-gram gold price shed Rs1,286 to reach Rs304,783. The international rate of gold also decreased, with the price per ounce dropping to $3,335, a loss of $15, and a premium of $20. Silver prices, however, remained steady at Rs3,871 per tola.
The fluctuations in gold prices in Pakistan are a common occurrence, heavily influenced by trends in the international market. Local gold markets and Sarafa markets across the country adjust their rates accordingly, reflecting these global changes and impacting the prices of gold and silver for consumers and traders alike.