Tag: gold price Lahore

  • Gold price increases by Rs3,800 per tola

    Gold price increases by Rs3,800 per tola

    Gold prices in Pakistan surged further on Friday, propelled by a remarkable surge in the global market.

    The price of gold per tola soared to an unprecedented level, hitting Rs234,800 in local markets after witnessing a substantial gain of Rs3,800 within the span of a single day.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price for 10 grammes of gold stood at Rs201,303, marking a notable increase of Rs3,258 from the previous day’s rates.

    Thursday had already seen a significant uptick in gold prices in Pakistan, with an increase of Rs1,500 per tola.

    Meanwhile, the international gold market witnessed a similar trend, with gold rates surging to a historic high of $2,254 per ounce.

    This marked a substantial gain of $40, accompanied by a $20 premium. APGJSA reported these figures, underscoring the remarkable momentum in the global gold market.

    In parallel, silver prices also experienced an upward trajectory, rising by Rs20 to reach Rs2,600 per tola, further highlighting the general bullish sentiment in precious metal markets.

  • Second consecutive decline: Gold price drops by more than Rs6,000 per tola

    Second consecutive decline: Gold price drops by more than Rs6,000 per tola

    The price of gold in Pakistan fell for the second consecutive day on Tuesday, as the rupee depreciated against the US dollar. The price of 24 karat gold decreased by Rs6,300 per tola (11.66 grammes) and Rs5,402 per 10 grammes, to settle at Rs232,800 and Rs199,588, respectively.

    The decline in gold prices was in line with the fall in the international market, where the price of gold fell by $9 to settle at $1,931 per ounce. The gold rate has been volatile in Pakistan recently due to political and economic uncertainty, and high inflation.

    The price of silver also fell by Rs100 per tola and Rs85.74 per 10 grammes, to settle at Rs2,800 and Rs2400.5, respectively.

    The depreciation of the rupee against the dollar is the main reason for the decline in gold prices in Pakistan. When the rupee weakens, gold becomes more expensive for buyers in Pakistan, who have to pay more rupees to buy the same amount of gold.

    The political and economic uncertainty in Pakistan is also a factor that is contributing to the volatility of gold prices. Investors are unsure about the future of the country, and they are looking to gold as a safe haven investment. This demand for gold is pushing up prices.

    The high inflation in Pakistan is also making gold more expensive. When inflation rises, the value of the rupee decreases, which makes gold more expensive for buyers in Pakistan.

    Overall, the gold rate in Pakistan is expected to remain volatile in the near future due to the factors mentioned above.