Gold price surges above Rs240,000 per tola
Gold prices in Pakistan experienced a rebound on Monday, following a steady decline over the past six trading sessions.
This resurgence came as the international gold market saw a rise in prices. In the local market, the price of gold per tola surged by Rs2,500, reaching Rs240,500.
Similarly, the price for 10 grammes of gold rose by Rs2,143, settling at Rs206,190, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The international gold market also recorded gains on Monday. According to APGJSA, the international gold price stood at $2,322 per ounce, with a premium of $20, after an increase of $21 during the day.
This marked a turnaround from the downward trend that had been observed in recent days.
In contrast, silver prices remained stable, with the rate for silver per tola steady at Rs2,620.
Saturday saw a dip in local gold prices, with a decrease of Rs1,600 per tola.
The recent rebound offers some relief to investors and jewellery buyers following a week-long decline, which saw gold prices drop by a total of Rs7,000 per tola over six consecutive sessions.
It’s worth noting that just last month, gold prices in Pakistan reached a record high, with the cost per tola hitting Rs252,200.
The recent fluctuations in gold prices underscore the volatility of the precious metals market and highlight the impact of international trends on local rates.