The buying and selling price of gold in Pakistan opened with a small increase on Monday. This happened because local bullion sellers increased the price of 24 karat gold per tola by Rs 1,100. As a result, it reached Rs491,462, compared to the previous day’s rate of Rs490,362. These new rates were announced by the All Pakistan Sarafa Gems & Jewellers Association.
Local market feels the upward push
Traders actively adjusted their counters throughout the morning. As a result, the price for 10 grams of 24-karat gold jumped by Rs943. It reached Rs421,349. At the same time, 10 grams of 22-karat gold increased by Rs864. It settled at Rs386,250. People who planned to buy jewelry or invest in gold noticed the change right away. They started checking rates at nearby shops.
Meanwhile, the international spot price also moved higher. Gold gained $11 per ounce. It touched $4,687, up from the previous level of $4,676. This modest rise in global rates influenced the local market. However, the Pakistani rupee’s movement against the dollar also played a role in the final numbers.
Silver prices slip while gold holds firm
On the other hand, there was a minor decline in silver rates. The per tola rate of silver went down by Rs50. It reached Rs7,744. Meanwhile, 10 grams of silver saw a reduction of Rs43. It became Rs6,639. In the international market, silver lost 50 cents. Its price stood at $72.60 per ounce.
Many economists believe that this up-and-down trend is due to global economic indicators. Gold is considered an excellent investment choice because of its value and stability. In Pakistan, gold holds immense significance. It is not only purchased for investment purposes, but also for special occasions like weddings and gift-giving.
Overall, the current hike is adding to the volatility. Buyers and sellers have been witnessing this trend lately.
