Gold price in Pakistan increases Rs6,300 in a week

Gold price in Pakistan witnessed an increase of Rs6,300 per tola within six trading sessions during the week ending on October 19, 2024.

On a week-over-week basis, the price of 24-karat gold surged by Rs6,300, breaking all-time high record and ending the week at a new record high rate of Rs281,800 per tola as compared to its price recorded on October 12, when the yellow metal was priced at Rs275,500 per tola in the local gold market.

A number of experts have attributed the latest surge in local and international gold prices to escalating tensions in the Middle East, along with uncertainties regarding US elections, coupled with relaxed monetary policy expectations.

The latest increase in gold’s rate was witnessed on Saturday, when gold prices saw an increase of Rs900 per tola ad closed at new historic high.

According to All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), which shares gold prices on a daily basis, the ten-gramme gold also witnessed a single-day surge of Rs772, clocking in at Rs241,598.

The recent surge in local gold rates comes after gold prices, in the international market, were seen at their highest level after rising by $9. As per APGJSA, the price of gold was recorded at $2,721 per ounce, including a premium of $20.

Silver prices in the local market were also up for the second straight session. According to the associaton, silver rate was recorded about Rs50 up, settling the week at Rs3,150 per tola.