- Gold prices in Pakistan surged by Rs1,600 per tola due to economic uncertainty.
- The All-Pakistan Sarafa Gems and Jewellers Association reported the rise in gold prices.
- Gold rates in Pakistan are Rs 4,500 per tola, which is lower than the international price.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealed that the price of gold, specifically 24 carats, rose by Rs1,600 per tola and Rs1,372 per 10 grams, reaching Rs242,900 per tola and Rs208,248 per 10 grams, respectively.
Interestingly, this surge brought the per tola gold price in Pakistan close to an all-time high of Rs 252,200, which was recorded on Saturday, April 20, 2024.
The association also highlighted that the price of gold in Pakistan currently stands at Rs 4,500 per tola lower than the international market, indicating that the Pakistani gold market is relatively cheaper globally.
Gold, known for its role as a hedge against inflation, experienced losses in the local market following a decline in inflation rates, which reached their lowest level since May 2022, leading to reduced expectations of a rate cut.
In contrast, international gold rates saw an increase of $28, settling at $2,363. The bullion price in the international market even reached a record high of $2,431.29 on April 12.
On the other hand, silver prices remained stable in the domestic market at Rs 2,750 per tola and Rs 2,357.68 per 10 grams.
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It's worth noting that the gold price in Pakistan is determined by factors such as world market prices, the rupee-dollar exchange rate, and the demand-supply dynamics in domestic markets. The latest price adjustments in local markets were made based on actual trade transactions between buyers and sellers.
Given the ongoing political and economic uncertainty coupled with high inflation, gold remains a preferred investment choice for many, serving as a safe haven and a hedge against market volatility.
