Gold Reaches Rs457,336 Per Tola
Gold prices continued their upward run in Pakistan on Monday, August 10, following another increase in the international bullion market.
The price of 24-karat gold rose by Rs800 per tola to Rs457,336, according to rates attributed to the All-Pakistan Gems and Jewellers Sarafa Association.
The price of 10 grams of 24-karat gold also increased by Rs685.
It reached Rs392,091 in the domestic market.
Gold had already recorded a major increase on Saturday.
The precious metal gained Rs2,200 per tola in the previous session, taking its price to Rs456,536.
The latest Rs800 increase has extended the strong rally and pushed domestic bullion prices even higher.
Gold prices in Pakistan generally follow changes in international bullion rates, while fluctuations in the Pakistani rupee can also influence local prices.
The latest increase means consumers planning to purchase jewellery face another rise in costs, while investors holding gold have benefited from the continued upward movement.
International Gold Climbs to $4,349 Per Ounce
The increase in Pakistan came as international gold prices also moved higher.
Gold gained $8 per ounce in the international market to reach $4,349 per ounce, including a reported premium of $20.
Global gold movements remain an important factor for Pakistan because the precious metal is internationally priced in US dollars.
When global bullion becomes more expensive, domestic rates usually rise as well.
Currency movements can further amplify those changes.
Gold is widely regarded as a defensive investment during periods of economic and geopolitical uncertainty.
Strong demand for safe-haven assets can therefore push international prices higher and quickly affect local markets.
The latest advance follows several strong sessions for gold in Pakistan.
According to another market report, the precious metal has gained approximately Rs29,400 per tola over five trading sessions, highlighting the pace of the recent rally.
Such rapid increases can significantly affect Pakistan’s jewellery market.
Higher rates tend to increase costs for wedding buyers and households purchasing jewellery, while investors may continue to view gold as protection against inflation and currency uncertainty.
Silver Also Moves Higher
Silver prices followed gold upward on Monday.
The price of silver increased by Rs77 per tola to reach Rs6,903 in the local market.
The increase reversed Saturday’s decline, when silver had fallen to Rs6,826 per tola.
Both major precious metals therefore moved higher at the beginning of the new trading week.
Traders and investors will now closely watch international bullion prices and movements in the Pakistani rupee for the next direction in domestic gold rates.
Further gains in global gold could push Pakistani prices even higher, while any international correction could provide some relief to local jewellery buyers.
