KARACHI: Gold prices increased further across Pakistan on Tuesday, with the price of one tola of gold rising by Rs2,400, according to the All-Pakistan Sarafa Gems and Jewellers Association.
Following the latest increase, the price of 24-karat gold rose to Rs459,736 per tola.
The association said that the price of 10 grams of gold increased by Rs2,058, reaching Rs394,149.
The continued rise in domestic gold prices comes amid an increase in international gold prices. In the global market, the price of gold rose by $24 per ounce, reaching $4,373 per ounce.
Gold prices in Pakistan are closely linked to international bullion rates, while exchange-rate movements and local market conditions can also influence domestic prices.
The latest increase means that gold has continued its upward trend in the local market, potentially affecting consumers, investors and the jewellery sector.
For jewellery buyers, rising gold prices can increase the cost of ornaments and wedding-related purchases. At the same time, investors often monitor gold prices as a potential store of value during periods of economic uncertainty and market volatility.
The international increase of $24 per ounce has contributed to the latest rise in Pakistan’s domestic market. Global gold prices are influenced by several factors, including expectations regarding interest rates, movements in the US dollar, geopolitical developments and investor demand for safe-haven assets.
The All-Pakistan Sarafa Gems and Jewellers Association regularly announces domestic gold rates based on international market trends and other relevant factors.
With gold now trading at Rs459,736 per tola in Pakistan, market participants are closely watching developments in the international bullion market to determine whether prices will continue to rise or experience a correction in the coming sessions.
The latest figures underline the continuing volatility in the precious metals market, where even relatively small movements in international prices can translate into significant changes in local gold rates.
Consumers and traders are expected to keep a close watch on both global gold prices and the domestic currency market, as these factors can play an important role in determining the price of gold in Pakistan.
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