Gold price per tola reaches new peak in both local and global markets

The price of 24-carat gold in Pakistan saw an increase of Rs700 per tola on Friday, reaching Rs241,700, while the price for 10 grams rose by Rs600 to Rs207,219. The Gems and Jewelers Association reported that silver was fixed at Rs2,850 per tola. Internationally, the price of gold per ounce rose by $22 to $2,326 in the global market.

Over the past year, gold prices in Pakistan have shown significant fluctuations, influenced by various factors including international market trends, currency exchange rates, and local economic conditions.

City-wise gold rates as of June 28, 2024, are as follows:

• Karachi: PKR 241,200 per tola
• Lahore: PKR 241,200 per tola
• Islamabad: PKR 241,200 per tola
• Peshawar: PKR 241,200 per tola
• Quetta: PKR 241,200 per tola

Read More: Gold rates in Pakistan see a slight decrease

Gold Buying and Selling Trends:

• Karachi: As the largest city and financial hub, Karachi experiences the highest volume of gold transactions, centered around the Sarafa Bazaar.
• Lahore: With its cultural significance and wedding traditions, Lahore also boasts a notable gold market.
• Islamabad: The capital city sees steady demand for gold, driven by both investment and jewelry purposes.
• Peshawar: Known for its bustling bazaars, Peshawar’s gold market is influenced by local and cross-border trade dynamics.
• Quetta: Proximity to Afghanistan and local economic activities influence the gold market in Quetta.

Factors Influencing Gold Prices:

• International Gold Prices: Fluctuations in the global gold market directly impact local prices.
• Currency Exchange Rates: The strength of the Pakistani rupee against the US dollar plays a crucial role in determining gold prices.
• Economic Conditions: Factors such as inflation rates, political stability, and economic policies significantly affect gold prices in Pakistan.