In a significant turn of events, gold prices in Pakistan experienced a substantial increase following a notable uptick in the global market.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold ascended by an impressive Rs4,900, reaching Rs202,000 per tola. Similarly, the price of 10-gramme gold saw a rise of Rs4,201, settling at Rs173,182.
This surge in gold prices was paralleled by an international market trend where the price of gold per ounce escalated by $46, stabilising at $1,938.
This surge in the global market directly impacted the local gold prices in Pakistan, leading to the notable increase observed in recent days.
Additionally, the US dollar experienced a decline against the Pakistani rupee in the interbank market during the current week’s trading.
The US dollar depreciated by Rs5.07, falling to Rs277.62 from the previous rate of Rs282.69.
This trend continued in the open market as well, where the US currency dropped by Rs4.50, closing at Rs277 from the earlier rate of Rs281.50.
These fluctuations in both gold prices and the exchange rate underscore the interconnectedness of global financial markets, impacting local economies and consumer behaviour.
