Gold Price Surge in Pakistan Reaches Rs364,900
The surge in gold prices was driven by strong industrial demand and supply constraints, while the decline was attributed to a decrease in the international rate. The Pakistani rupee's appreciation against the US dollar also played a role in the fluctuation of gold prices.
Gold prices in Pakistan experienced a significant surge, increasing by Rs3,700 per tola to Rs364,900, despite a global dip in prices, driven by strong industrial demand and supply constraints. The Pakistani rupee also appreciated against the US dollar, rising 21 paisa to 284.76.
The State Bank of Pakistan raised Rs545.16 billion through debt auctions, which may have contributed to the stability of the rupee. However, the gold prices in Pakistan declined on Thursday, following a decrease in the international market. According to the All-Pakistan Gems and Jewellery Sarafa Association (APGJSA), the price of gold per tola dropped to Rs359,000 after losing Rs5,900 during the day.
The price of 10-gram gold also decreased to Rs307,784, down by Rs5,058. In contrast, silver prices per tola fell by Rs24 to Rs4,057. The decline in gold prices is attributed to a decrease in the international rate, which fell to $3,363 per ounce with a premium of $20, a loss of $61. Gold prices in Pakistan fluctuate due to international market trends, affecting rates in local gold markets and Sarafa markets.
The fluctuation in gold prices has a significant impact on the local economy, particularly on the gems and jewellery industry. The APGJSA continues to monitor the prices and provide updates to the market, helping traders and consumers make informed decisions.