Gold prices in Pakistan continued their upward trend for the seventh consecutive day, with a modest increase observed today.
The All-Pakistan Sarafa Gems and Jewellers Association reported a rise of Rs 100 per tola and Rs 85 per 10 grams for 24-carat gold, settling at Rs 215,300 and Rs 184,585, respectively. Internationally, gold prices saw a $3 per ounce increase, reaching $2,051.
Over the past seven sessions from February 15 to 22, gold prices in Pakistan have collectively surged by Rs 4,500 per tola.
This increase is attributed to ongoing political and economic uncertainties coupled with high inflation, leading individuals to view gold as a safe investment and hedge against instability.
Pakistan primarily relies on imports to meet its gold demand as it does not produce the metal domestically.
Therefore, local prices are determined based on global market rates, currency exchange rates, and domestic supply and demand dynamics.
The demand for gold in Pakistan has seen an uptick this week, particularly as the wedding season approaches after Ramadan.
Despite the rise in gold prices, the price of silver has remained stable at Rs 2,570 per tola and Rs 2,203.36 per 10 grams.
It’s worth noting that the international gold rate includes a $20 premium on the bullion price.