Gold prices in Pakistan continued their sharp upward movement on Saturday, with the price of 24-karat gold rising by Rs. 5,700 per tola as international bullion rates also climbed.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold increased to Rs. 482,936 per tola, bringing the precious metal closer to the Rs. 500,000 mark.
A trader told ProPakistani that gold could cross Rs. 500,000 per tola in the coming days if the current upward trend continues.
10-Gram Gold Also Becomes More Expensive
The increase was also reflected in the price of 10-gram gold.
The price of 10 grams of gold increased by Rs. 4,972, reaching Rs. 414,039.
The latest increase follows another significant rise recorded on Friday, when gold gained Rs. 5,200 per tola and reached Rs. 477,136.
The continued gains have pushed local gold prices closer to the historic Rs. 500,000 threshold.
International Gold Prices Rise
The rise in Pakistan was accompanied by another increase in international gold prices.
Gold in the international market increased by $57 per ounce, reaching $4,604 per ounce, including a $20 premium.
The continued strength in global gold prices is contributing to higher rates in Pakistan, where local bullion prices are also influenced by international market movements and currency conditions.
If international prices continue rising, local gold rates could face further upward pressure in the coming sessions.
Silver Prices Remain Stable
Unlike gold, silver prices remained unchanged during the latest session.
Silver closed the week at Rs. 7,379 per tola, maintaining the same rate recorded on Friday.
Market participants will now be watching international bullion prices closely, particularly as gold approaches the Rs. 500,000 per tola level in Pakistan.
Gold Could Cross Rs. 500,000
With gold already trading above Rs. 480,000 per tola, the gap to the Rs. 500,000 mark has narrowed considerably.
A further increase of around Rs. 17,000 per tola would push the local price above the psychological threshold.
However, whether gold reaches that level will depend on movements in the international bullion market and other factors affecting local prices.
For now, the latest surge has renewed expectations that gold could cross Rs. 500,000 per tola in Pakistan in the near future if the current momentum continues.
Also read: Gold Price in Pakistan Today
