Gold Prices in Pakistan witnessed a sharp rise on Friday, marking a significant increase in both local and international markets. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola surged by Rs. 5,300, reaching Rs. 424,162. Similarly, the rate of 10 grams of gold climbed by Rs. 4,544, settling at Rs. 363,650.
A day earlier, gold had closed at Rs. 418,862 per tola, after dropping by Rs. 1,000. The latest spike indicates renewed demand and reflects ongoing volatility in global bullion markets.
In the international market, Gold Prices also gained momentum, rising by $53 per ounce to reach $4,018 (including a $20 premium), as reported by the APGJSA. The increase was driven by strong investor demand and concerns over global economic uncertainty.
Meanwhile, silver prices in Pakistan also rose, increasing by Rs. 158 per tola to reach Rs. 5,192.
Despite the rise in Pakistan, global Gold Prices slightly declined later in the day as the US dollar strengthened, creating uncertainty over possible Federal Reserve rate cuts. Spot gold dropped 0.5% to $4,004 per ounce as of 0240 GMT, while US gold futures for December delivery stayed steady at $4,016.70 per ounce.
Market analysts said that despite short-term fluctuations, gold remains on track for its third consecutive monthly gain, with an overall increase of 3.9% this month.
In other related news also read Gold Prices Plunge Sharply Across Pakistan
The rise in Gold Prices in Pakistan is influenced by international trends and the exchange rate between the Pakistani rupee and US dollar. Local gold rates are adjusted based on global movements and import costs, making them sensitive to shifts in the global economy.
