The price of gold surged in the local market on Monday, with the rate for per tola (11.66 grammes) of 24 karat gold increasing by Rs500 to reach Rs242,000, as reported by the All Sindh Sarafa Jewellers Association. This marks a rise from its previous closing price of Rs241,500.
Similarly, the price of 10 grammes of 24 karat gold rose by Rs429 to Rs207,476 from Rs207,047. Meanwhile, 10 grammes of 22 karat gold also saw an uptick, climbing to Rs190,186 from Rs189,793.
According to the association, the prices of per tola and 10 grammes of silver remained unchanged at Rs2,850 and Rs2,443.41 respectively.
Internationally, the price of gold saw a modest increase of $8 to $2,328 per ounce from $2,320, reflecting a positive trend in global markets.
Over the weekend, gold prices in Pakistan had dipped, aligning with a downturn in the international market. The All Pakistan Gems and Jewellers Sarafa Association reported that on Saturday, the price per tola had decreased to Rs241,500, following a single-day decline of Rs1,400.
Earlier this year in April, gold prices had reached an all-time high of Rs252,200 per tola in the local market, underscoring the volatility influenced by global market dynamics.
The fluctuations in gold prices are predominantly driven by shifts in the international market, which are influenced by changes in global demand and supply for the precious metal.
