On Friday, the gold price in Pakistan saw a slight increase, mirroring a minor rise in the international market. According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold in Pakistan increased by Rs800 per tola and Rs686 per 10 grams, settling at Rs241,500 and Rs207,047, respectively.
The per tola gold price in Pakistan reached a record high of Rs252,200 on April 20, 2024. The association noted that the current price of gold in Pakistan is Rs1,500 per tola below the international market price, indicating that gold is cheaper in Pakistan than globally.
Gold, known as a hedge against inflation, experienced local market losses following stronger-than-expected inflation data, which fell to its lowest level since May 2022, reducing expectations of a rate cut. A stable monetary policy also dampened investor enthusiasm.
Similarly, in the international market, gold prices rose by $8 per ounce, settling at $2,323. The bullion price hit a record high of $2,431.29 on April 12.
Domestic silver prices remained stable at Rs2,750 per tola and Rs2,357.68 per 10 grams.
The APSGJA announces gold prices in Pakistan for local markets six days a week, from Monday to Saturday. As a small player in the global gold market, Pakistan meets its demand through imports, as it does not produce gold locally. The gold rate in Pakistan is determined by considering world market prices, the rupee-dollar exchange rate, and domestic demand and supply. The latest local market prices reflect the rates at which transactions occurred among buyers and sellers.
Recently, gold prices in Pakistan have been volatile due to ongoing political and economic uncertainty and high inflation. During such times, people tend to invest in gold as a safe haven and hedge.
[embedpost slug="gold-price-in-pakistan-on-june-14-up-by-800-to-rs241500-tola"]
