Gold prices in Pakistan increased significantly on Friday, reflecting the surge in international markets. In the local market, the price of gold per tola rose by Rs2,500, reaching Rs280,500, while 10-gram gold climbed by Rs2,143 to settle at Rs240,483, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
The international gold market also followed an upward trend, with the rate per ounce standing at $2,693 (including a $20 premium), up by $25 during the day. This marks the continuation of a bullish trend, as gold prices had already increased by Rs3,700 per tola on Thursday to settle at Rs278,000.
The gold price in Pakistan has experienced significant fluctuations in recent weeks, influenced by local market dynamics and global developments. Despite the changes in gold prices, silver rates remained stable in Pakistan at Rs3,450 per tola.
Globally, gold prices have been driven by increased demand for safe-haven assets amid escalating tensions in the Russia-Ukraine conflict and speculation about potential US interest rate cuts. Spot gold rose by 0.7% to $2,688.70 per ounce as of 0306 GMT. The metal has recorded an impressive weekly gain of nearly 5%, marking its best performance since October 2023.
Gold previously hit an all-time high of Rs287,900 per tola in Pakistan last month, highlighting the ongoing volatility in local and international markets. The rising gold price in Pakistan aligns with global trends, with investors closely monitoring further developments.
