Gold Gains Another Rs2,200 as Rally Continues
Gold prices in Pakistan climbed to a new record on Saturday as the domestic market followed another increase in international bullion prices.
The price of 24-karat gold increased by Rs2,200 per tola to reach Rs456,536, according to rates issued by the national jewellers association.
The latest increase extends a strong rally in the local gold market.
On Friday, gold had risen by Rs5,100 to close at Rs454,336 per tola.
The price of 10 grams of 24-karat gold also increased sharply on Saturday.
It gained Rs1,887 to reach Rs391,406.
Meanwhile, 10 grams of 22-karat gold was reported at Rs358,801.
The latest gains have pushed gold deeper into record territory, increasing costs for jewellery buyers while attracting continued attention from investors.
Gold is widely viewed as a safe-haven asset during periods of economic, currency and geopolitical uncertainty.
International Gold Climbs to $4,341 Per Ounce
The domestic increase followed another upward move in international gold markets.
Global gold prices increased by $22 to reach $4,341 per ounce, including a reported premium of $20.
International bullion prices have remained elevated amid strong demand for defensive assets.
Pakistan’s gold market closely follows international bullion rates.
Movements in the Pakistani rupee can also affect local prices because internationally traded gold is priced in US dollars.
A combination of higher global prices and currency pressure can therefore make gold more expensive for Pakistani consumers.
Gold has recorded particularly strong gains during the past several sessions.
Friday’s Rs5,100 increase followed an Rs11,300 jump on Thursday. Gold had also risen sharply earlier in the week.
The rapid price movements have increased uncertainty for jewellery businesses and consumers planning major purchases.
Higher prices can discourage retail jewellery demand, particularly during wedding and festive seasons.
Investors, however, may continue purchasing gold bars and coins as a hedge against inflation and financial uncertainty.
Silver Moves Lower Despite Gold Rally
Silver moved in the opposite direction on Saturday.
The price of silver fell by Rs113 per tola to Rs6,826.
This marked a reversal from Friday, when silver had climbed to Rs6,939 per tola.
The contrasting movements show that gold and silver do not always move at the same pace despite both being precious metals.
Gold’s latest rise has now placed the domestic rate well above Rs450,000 per tola.
Traders and consumers will continue watching international bullion markets closely to determine whether the current rally can extend further.
Any major changes in global gold prices or the Pakistani rupee could quickly affect domestic rates.
