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The price of 24 karat gold in Pakistan increased dramatically by Rs. 4,000 per tola on Thursday, according to the All Pakistan Sarafa Gems and Jewelers Association. Gold was traded at Rs. 356,900 per tola, up from Rs. 352,900 during the previous trading session.
This follows a Rs. 600 per tola rise recorded on Wednesday, bringing the total two-day increase to Rs. 4,600 per tola.
Gold Price per 10 Grams Also Sees Significant Increase
In addition to the per tola rate, the price of 10 grams of 24 karat gold rose by Rs. 3,430, reaching Rs. 305,984, compared to Rs. 302,554 the previous day.
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Similarly, 10 grams of 22 karat gold saw a rise of Rs. 3,144, with the price climbing to Rs. 280,495, up from Rs. 277,351.
Silver Prices Remain Unchanged
While gold experienced a sharp upswing, silver prices held steady. The rate for:
- Per tola silver remained at Rs. 3,745
- 10 grams of silver held firm at Rs. 3,210
The international silver price also stayed unchanged at $35.87 per ounce, according to the Association.
Global Gold Market: Prices Climb by $30
The local spike in gold prices follows a global trend. The international price of gold rose by $30, moving up to $3,375 per ounce from $3,345 in the previous session.
This global surge is likely influenced by ongoing economic uncertainties, a weakening dollar, and growing demand for safe-haven assets amid geopolitical tensions.
Market Outlook and Investor Sentiment
The significant rise in gold prices is expected to affect consumer sentiment, especially among retail buyers and jewelers. Higher prices could reduce jewelry demand in the short term, although many investors may turn to gold as a hedge against inflation and currency devaluation.
Analysts are watching the market closely to see if this trend continues or if prices stabilize in the coming days.
