Gold price in Pakistan unexpectedly surged by Rs2,200 per tola to its new record high following an increase in the international bullion rates.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), after the big rise seen in yellow metal’s rate in local market, the price of 24 karat gold was recorded at a new all-time high of Rs277,200 per tola on Wednesday.
The latest rate is Rs200 per tola higher than the last record high observed in the month of September 2024.
APGJSA said that the price of 10-gramme gold also increased by Rs1,886 to Rs237,654.
In the last trading session, the precious metal’s price was recorded Rs700 per tola higher than Monday’s, clocking in at 275,000 per tola.
On the international front, gold rate surged by $22 per ounce, as the APGJSA quoted the new rate at $2,675. This price also includes a premium of $20 per ounce.
Silver prices in Pakistan witnessed no change and stayed at Rs3,050 per tola.
Gold rates in Pakistan continued their downward trend on the fourth trading day of the week after rebounding slightly in the previous session.
The latest rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) on Thursday revealed a decline of Rs1,100 per tola in the price of 24-karat gold.
The association said that the gold rate in the local market was recorded at Rs274,400 per tola following the latest drop.
This drop comes after the precious metal’s price rose by Rs600 per tola to Rs275,500 per tola on Wednesday.
Interestingly, the latest gold price is just about Rs2,600 lower than the all-time high price of Rs277,000 per tola seen last week.
Some non-investors are viewing this as an ideal time to sell gold, while a number of experts think that the gold price will go further up.
In the global market, bullion rates were seen in a narrow range. Spot gold was quoted at $2,655.03 per ounce around 03:33 GMT. The last record-high rate was reported on September 26, with spot gold quoted at $2,685.42.
The gold price witnessed a massive increase in Pakistan on Wednesday after a strong surge in global rates.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), which releases gold rates on a regular basis, the price of precious metal rose by Rs2,300 per tola in the Pakistani bullion market.
The price of gold in Pakistan now stands at record high of Rs264,000 per tola, as per the association.
It is worth noting that the last record high price of gold was recorded in August when it broke Rs263,000 barrier and closed at Rs263,700 per tola.
Today’s gold rate is Rs300 per tola higher than the last record high.
Internationally, the yellow metal’s value was recorded at $2,524 per ounce, showing an increase of $23. This rate includes a premium of $20.
Gold prices in Pakistan experienced a notable decline on Thursday, reversing the momentum of consecutive record highs achieved in the previous sessions.
This drop in local gold rates occurred despite an uptick in international prices, reflecting a divergence between domestic and global trends.
In the local market, the price of gold per tola fell by Rs2,200, bringing it down to Rs261,500. Similarly, the price of 10-gram gold witnessed a decrease of Rs1,886, settling at Rs224,194, as per the rates provided by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This decline comes after a steady increase that saw gold prices reach Rs263,700 per tola on Saturday, following a rise of Rs1,700.
Contrary to the local market trend, the international gold price edged up on Thursday. According to APGJSA, the global rate for gold was reported at $2,516 per ounce, including a premium of $20, marking an increase of $4 during the day.
Despite this rise in international prices, the local market’s reaction suggests other factors at play in determining gold prices in Pakistan.
Meanwhile, silver prices in the local market remained stable, with no change reported. The rate for silver stood firm at Rs2,950 per tola, reflecting a steady demand and supply situation.
This fluctuation in gold prices highlights the complexities of the market, influenced by both domestic and international factors, making it a subject of keen interest for investors and consumers alike.
Gold prices in Pakistan soared to unprecedented levels on Saturday, reflecting a continued upward trend driven by rising international rates.
In the local market, the price of gold per tola (approximately 11.66 grammes) surged by Rs1,700, reaching a new record high of Rs263,700.
This significant increase underscores the precious metal’s enduring appeal as a safe haven amid global economic uncertainties.
The price of 10-gramme gold, a popular metric among consumers, also saw a substantial rise, climbing by Rs1,457 to settle at Rs226,080, according to the latest data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
These sharp increases come on the back of a minor gain of Rs200 recorded on Friday, when the price per tola stood at Rs262,000.
The surge in domestic gold prices is largely attributed to a parallel increase in international rates. On Saturday, the international price of gold rose by $20 (PKR 5,526), bringing it to $2,512 (PKR 694,169) per ounce, inclusive of a premium of $20.
The upward trajectory of gold prices on the global stage is driven by a combination of factors, including persistent inflation concerns, geopolitical tensions, and fluctuating currency values.
As investors seek refuge in the stability of gold, demand for the precious metal continues to push prices higher, with ripple effects felt across markets worldwide, including Pakistan.
Silver rate in Pakistan
While gold prices surged, silver remained stable in the local market. The price of silver per tola held firm at Rs2,950, showing no change from the previous sessions.
Despite its status as a precious metal, silver has not experienced the same level of price volatility as gold, largely due to differing market dynamics and industrial demand.
Week in review: Gold’s record-breaking streak
Day
Price per tola (Rs)
Price change (Rs)
Details
Monday
260,000
-200
Slight decrease after a record high in the previous session.
Tuesday
260,700
+700
New record high reflecting an uptick in international rates.
Wednesday
261,000
+300
Continued upward trend, marking the third record in a month.
Thursday
261,800
+800
All-time high, still Rs3,000 below market value.
Friday
262,000
+200
Highest price ever recorded in Pakistan until Saturday.
Saturday
263,700
+1,700
New record high, significant rise.
Gold price history (trade week ending: August 24)
This week has been particularly eventful for gold prices in Pakistan, marked by consistent daily increases that have culminated in Saturday’s record-breaking levels.
Monday: The week began with a slight dip in gold prices, following a record high in the previous session. The price of 24-karat gold fell by Rs200, settling at Rs260,000 per tola. Interestingly, even with this decrease, the price remained Rs4,000 below its actual market value, indicating underlying bullish sentiment.
Tuesday: Gold prices rebounded sharply on Tuesday, reaching a new record high. The price per tola increased by Rs700, bringing it to Rs260,700. This surge mirrored an uptick in international rates, reinforcing the connection between local and global market trends.
Wednesday: The upward momentum continued on Wednesday, with gold prices in Pakistan reaching another new record. The price of 24-karat gold per tola rose by Rs300, setting a new high at Rs261,000.
This marked the third record-breaking price level within the month, highlighting the sustained demand for gold.
Thursday: On Thursday, gold prices soared to an all-time high of Rs261,800 per tola, following an increase of Rs800. Despite this, the price was still Rs3,000 below its estimated market value, suggesting that the metal’s true worth is yet to be fully reflected in the market.
Friday: The upward trajectory of gold prices continued for the fourth consecutive day on Friday, with the price per tola reaching Rs262,000 after a modest increase of Rs200. This marked the highest price ever recorded for gold in Pakistan, setting the stage for Saturday’s further escalation.
Implications for consumers and investors
The relentless rise in gold prices has significant implications for both consumers and investors in Pakistan. For those who have invested in gold, the ongoing price surge represents a substantial return on investment, particularly for those who purchased the metal when prices were lower.
However, for consumers looking to buy gold for personal use, such as jewellery or gifts, the soaring prices are increasingly prohibitive. The current levels have made gold almost out of reach for many, particularly in a country where gold is deeply embedded in cultural traditions and ceremonies.
This price hike is a double-edged sword—beneficial for investors but challenging for those with other intentions. The persistent rise in gold prices may push consumers to explore alternative options, while investors continue to benefit from the metal’s role as a hedge against economic instability.
Gold’s record-breaking streak in Pakistan, fuelled by global market dynamics, highlights the precious metal’s enduring value and the challenges it poses for local consumers.
As the international market remains volatile, the question remains whether gold prices will continue to rise or if a correction is on the horizon. For now, the allure of gold remains as strong as ever, both as an investment and a symbol of wealth.
Gold prices in Pakistan experienced a decline on Saturday, following a rise in the previous session, reflecting a downward trend in international markets.
In the local market, the price of gold per tola fell to Rs256,800, marking a decrease of Rs500.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of 10 grammes of gold dropped by Rs429, bringing it to Rs220,165.
On Friday, gold prices had surged by Rs2,400 per tola, reaching a record high of Rs257,300.
Globally, gold prices also fell on Saturday. The APGJSA noted that the international price stood at $2,443 per ounce, which included a $20 premium, after experiencing a $15 decrease during the day.
In contrast, silver prices remained unchanged, holding steady at Rs2,900 per tola.
The price of gold in Pakistan soared to a new record on Thursday, with 24-karat gold increasing by Rs4,600 per tola, reaching an unprecedented Rs254,000. This surge aligns with global market trends influenced by economic indicators in the United States.
The rise in gold prices is driven by signs of slowing inflation in the US, prompting speculation that the Federal Reserve may soon lower interest rates. Historically, high interest rates tend to negatively impact gold prices as the precious metal does not yield interest, making it less attractive to investors compared to interest-bearing assets.
Notably, the current gold price in Pakistan is Rs4,000 below its actual market value due to a decrease in purchasing power, reflecting broader economic challenges.
According to the Karachi Sarafa Association, the price of 24-karat gold per 10 grammes has risen by Rs3,944, now standing at Rs217,764 per tola. Similarly, 22-karat gold is now priced at Rs199,617 per 10 grammes.
Meanwhile, silver prices have remained stable in the domestic market. The price of 24-karat silver is Rs2,900 per tola and Rs2,486 per 10 grammes.
Globally, spot gold is trading near $2,468 an ounce, having surpassed the previous all-time high set in May. This global uptrend in gold prices is reflected in the domestic market, influencing local prices accordingly.
The significant rise in gold prices highlights the ongoing economic uncertainties and the impact of international financial trends on the local market. As investors navigate these fluctuations, the gold market continues to be a barometer of economic sentiment.
On Friday, the price of 24-karat gold in Pakistan increased by Rs2,200, bringing the total to Rs249,000 per tola. This rise follows the release of the US inflation report for June, which indicated the lowest price gains since 2021, sparking renewed interest in gold as an investment.
Currently, the local price is about Rs2,800 lower than its actual cost, a discrepancy attributed to the reduced purchasing power of consumers.
According to the Karachi Sarafa Association, the price of 24-karat gold is recorded at Rs213,477 per tola for a 10-gramme unit, reflecting a rise of Rs1,886 per tola. Meanwhile, the price of 22-karat gold has also seen an increase, now priced at Rs195,687 per 10-gramme.
In contrast, silver prices in the domestic market have remained stable, with 24-karat silver being sold at Rs2,900 per tola and Rs2,486 per 10-gramme.
On the global front, spot gold has levelled off after surpassing $2,400 per ounce, buoyed by the cooler-than-expected US inflation figures, which have raised hopes for an interest rate cut. On Thursday, gold closed 1.9 per cent higher, marking its most significant gain since March.
The recent inflation data revealed the slowest growth in core consumer prices, the Federal Reserve’s preferred measure, since 2021.
This development has led traders to anticipate a September rate cut, with expectations for at least two quarter-point reductions in 2024, according to Bloomberg. Such lower borrowing costs are generally favourable for bullion, which does not yield interest.
Gold’s current rally, which has seen a 17 per cent increase this year, is supported by strong demand from central banks, geopolitical tensions, and increased purchases from Chinese consumers, as the metal approaches its all-time high of $2,450.07 set in May.
Gold prices in Pakistan experienced a significant rise on Thursday, with 24-karat gold now being sold at Rs243,300 per tola, marking an increase of Rs1,000 per tola from the previous day.
Despite this increase, the price remains Rs3,000 below its actual cost, reflecting the ongoing reduction in purchasing power.
The Karachi Sarafa Association reported that the price of 24-karat gold per 10 grammes rose by Rs857, reaching Rs208,590. In comparison, 22-karat gold saw a similar upward trend, priced at Rs191,207 per 10 grammes.
In contrast, silver prices remained stable in the domestic market. The price of 24-karat silver stood at Rs2,850 per tola and Rs2,443 per 10 grammes, showing no change from the previous rates.
On the international stage, spot gold traded near $2,357 an ounce, a slight decline of $2.2 or 0.09 per cent from the previous session. This minor dip did not significantly impact the local market, where the primary concern remains the diminished purchasing power of consumers.
The ongoing fluctuations in gold prices highlight the broader economic challenges facing consumers and traders alike in Pakistan.
The price of gold in Pakistan saw a decline on Monday, with 24-karat gold being sold at Rs241,500 per tola, marking a decrease of Rs200 per tola.
This reduction is noteworthy as the price has been maintained at Rs1,500 below its actual cost due to diminished purchasing power among consumers.
According to the Karachi Sarafa Association, the price of 24-karat gold per 10 grammes also fell, now standing at Rs207,047, a reduction of Rs172 per 10 grammes. Similarly, the price of 22-karat gold was recorded lower at Rs189,793 per 10 grammes.
Meanwhile, silver prices in the domestic market remained stable. The price of 24-karat silver was unchanged, selling at Rs2,850 per tola and Rs2,443 per 10 grammes.
On the international front, spot gold traded near $2,327 an ounce, an increase of $2.8 or 0.12% from the previous session.
