Gold prices in Pakistan continued their upward trend on Friday, following another increase in international gold prices.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold increased by Rs. 3,900 per tola.
The price of 24-karat gold closed at Rs. 469,136 per tola on Friday. The latest increase came after gold had already gained Rs. 11,200 on Thursday.
Gold had closed at Rs. 465,236 per tola on Thursday. The latest rise has pushed the precious metal further upward in the local market.
The price of 10-gram gold also increased during Friday’s trading. It rose by Rs. 3,344 to reach Rs. 402,208.
The continued increase has kept gold prices near record levels in Pakistan. Local prices are influenced by international gold rates, currency movements and domestic market conditions.
Gold also recorded another strong performance in the international market. International gold prices increased by $39 on Friday.
The international price settled at $4,466 per ounce, including a $20 premium. The global increase supported the rise in local gold prices.
The precious metal has remained under close watch in Pakistan due to its importance for investors and consumers. Gold is also commonly purchased for weddings, savings and other major occasions.
The latest increase could affect consumers planning to purchase jewellery. Higher gold rates generally increase the cost of jewellery and other gold-related products.
Meanwhile, silver prices also increased in the local market on Friday. The price of silver rose by Rs. 117 per tola.
Silver closed at Rs. 7,161 per tola after the latest increase. The rise indicates that precious metals continued to gain during Friday’s trading session.
Market participants are closely monitoring international prices for further direction. Any additional increase in global gold prices could put further pressure on local rates.
Currency movements can also influence gold prices in Pakistan. Changes in the rupee-dollar exchange rate can affect the local value of internationally priced gold.
For consumers, the latest increase means that purchasing gold jewellery or bullion has become more expensive. Investors may also continue to monitor the market as prices remain elevated.
The gold market is expected to remain sensitive to international developments and global financial trends. Further changes in international prices could be reflected in Pakistan’s local market.
Also read: Gold Prices Fall Sharply After Global Market Correction
