Gold prices in Pakistan saw a notable increase on Friday after remaining steady in the previous session. This rise follows a similar trend in the global market.
According to data from the All Pakistan Sarafa Gems and Jewellers Association, the price of gold surged by Rs4,600 per tola and Rs3,944 per 10 grams, reaching Rs243,800 and Rs209,019, respectively.
Last week, gold prices were dropping both locally and internationally as investors turned to the precious metal amidst rising geopolitical tensions. However, negative signals interrupted this trend, causing losses in the market.
Since reaching a record high of Rs252,200 per tola on April 20, 2024, the price of gold in Pakistan has dropped by Rs6,400 per tola over the past week.
The association noted that gold prices in Pakistan are currently Rs3,000 per tola lower than the international market, indicating that the Pakistani market is relatively cheaper.
Gold, known as a hedge against inflation, faced losses in Pakistan's market due to stronger-than-expected inflation data, which lessened expectations of a rate cut. Additionally, a stable monetary policy dampened investor sentiment.
Internationally, gold prices rose by $54 per ounce, settling at $2,366. The international market had previously reached a record high of $2,431.29 on April 12.
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