In a positive start to the week, the gold price in Pakistan experienced modest gains on Monday, in line with international market developments. According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold increased by Rs800 per tola and Rs685 per 10 grams, settling at Rs215,300 and Rs184,585, respectively.
Additionally, the global market witnessed a rise in the price of gold, with an increase of $11, bringing it to $1,931 per ounce. Amidst ongoing political and economic uncertainty, as well as high inflation, the gold rate in Pakistan has displayed volatility. Consequently, individuals are seeking this precious metal as a safe investment and hedge during such times.
Over the course of the previous week, the price of gold experienced a continuous decline for seven consecutive sessions, resulting in a cumulative decrease of Rs8,900 per tola. This downward trend reflects the prevailing market conditions and factors affecting gold prices.
In a notable development, the price of silver also experienced a slight increase. Data provided by the association indicates that silver prices rose by Rs50 per tola and Rs48.27 per 10 grams, settling at Rs2,550 and Rs2,186.21, respectively.
Moreover, the association highlighted an interesting observation: the price of gold in Pakistan is currently Rs3,000 per tola cheaper than in the Dubai market, emphasizing that the Pakistani gold market offers a more cost-effective option compared to the global market.
This fluctuation in gold and silver prices demonstrates the importance of staying updated with market trends and making informed investment decisions. With the allure of gold as a safe haven during uncertain times, individuals in Pakistan are keeping a close eye on these developments, looking for opportunities to capitalize on this precious commodity.
