- Gold prices in Pakistan rebounded after a week of losses, rising by Rs800 per tola and Rs686 per 10 grams.
- The local gold market saw an all-time high of Rs252,200 per tola on April 20, 2024.
- The Association noted that gold in Pakistan was Rs4,000 per tola cheaper than international prices.
According to data from the All Pakistan Sarafa Gems and Jewellers Association, the price of gold in Pakistan increased by Rs800 per tola and Rs686 per 10 grams, reaching Rs240,800 and Rs206,447, respectively.
Notably, the per-tola gold price in Pakistan had reached an all-time high of Rs 252,200 on April 20, 2024. This surge marked a cumulative gain of Rs7,500 per tola for the week ending May 18, 2024.
The association also highlighted that the local gold market was Rs4,000 per tola cheaper than the international market, reflecting a favorable position for buyers in Pakistan.
Gold, often seen as a hedge against inflation, had faced losses in the local market due to stronger-than-expected inflation data, which reduced expectations of a rate cut. Additionally, a stable monetary policy dampened investor sentiment.
Similarly, in the global market, gold prices rose by $10 per ounce, settling at $2,343. The international bullion price had reached a record high of $2,431.29 on April 12.
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Meanwhile, silver prices in Pakistan remained stable at Rs 2,800 per tola and Rs 2,400.54 per 10 grams.
The gold rate in Pakistan is determined by the association based on global prices, the rupee-dollar exchange rate, and supply and demand dynamics in the domestic market. This pricing strategy reflects ongoing political and economic uncertainties, high inflation rates, and the preference of investors for gold as a safe investment and hedge.
