The gold market in Pakistan witnessed a significant surge in prices ahead of Eid, reflecting a global trend of rising values for the precious metal. On Monday, gold prices continued their upward trajectory, hitting a new peak in the international market. The All Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported a notable increase of Rs600 per tola, bringing the price to a record Rs245,700. Similarly, the 10-gram gold rate rose by Rs514, reaching Rs210,648.
This increase follows a recent jump of Rs4,900 per tola on Saturday, highlighting the ongoing strength of the gold market. Internationally, gold prices reached $2,355 per ounce, marking a $5 increase with an additional $20 premium. This upward trend underscores the global demand for gold as a safe-haven asset.
In contrast, the price of silver per tola remained stable at Rs 2,650, maintaining a steady position in the market. Meanwhile, the Pakistani rupee experienced a slight decline of 0.01% against the US dollar in the interbank market on Monday, closing at 277.95 according to the State Bank of Pakistan (SBP).
Overall, the surge in gold prices, both locally and internationally, signals a dynamic market influenced by various economic factors, including global economic conditions and festive demand ahead of Eid.
