On Thursday, the local gold market in Pakistan experienced a resurgence in value, recovering from a recent dip influenced by a global downward trend.
Gold prices extended their upward trajectory for the second consecutive day during this business week, aligning with the global trend of increasing prices on Tuesday.
The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Mercantile Exchange (PMEX) have granted a license to Zakriya Gold Commodities Private Limited, paving the way for the commencement of online and physical gold trading within the country.
In the domestic market of Pakistan, gold experienced a marginal decrease on Saturday, aligning with the global trend of declining prices.
Gold prices in Pakistan experienced an upward trajectory on Friday, following a recent decline in the international market
The gold market experienced a decline in prices following consecutive increases, causing the precious metal to lose its luster on Thursday.
Gold prices remained steady in both domestic and global markets on Wednesday, following marginal increases reported the day before.
On the initial day of the business week, Monday, gold prices underwent a decline both in the local and global markets.
During a recent T20 match between Pakistan and New Zealand, an enthusiastic supporter of Prime Minister Imran Khan and the Pakistan Tehreek-e-Insaf (PTI) party seized the spotlight.
Gold experienced a surge in the domestic market of Pakistan on Thursday, aligning with the upward trend in the international market.
Despite decreasing rates in the international market, gold prices in the domestic market remained unchanged on Thursday.
Pakistan, on Wednesday, the downward trend in gold prices persisted, aligning with the global decline in gold rates.
According to data provided by the All Pakistan Gems and Jewellers Association, the price of gold per tola experienced a substantial drop of Rs3,600, settling at Rs213,700. Simultaneously, the cost of 10 grams of gold saw a decline of Rs3,087, reaching Rs168,213 in the local market.
On the international front, the price of gold exhibited a decrease of $22, concluding at $2,045 per ounce. This decline in global gold rates appears to have influenced the corresponding drop in the domestic market.
Read more : Gold Prices Experience A Decrease In Pakistan
Conversely, silver prices in Pakistan witnessed a modest increase, with a rise of Rs50 per tola, bringing the new price to Rs2,600. The cost of 10 grams of silver saw an uptick of Rs42.86, closing at Rs2,229.08.
The fluctuations in both gold and silver prices, both domestically and internationally, reflect the dynamic nature of the precious metals market. The continuous monitoring of these price movements is essential for stakeholders and consumers alike, as they navigate the economic landscape influenced by global market trends.
