KARACHI, Gold prices in Pakistan witnessed a fresh increase on Monday, ending a prolonged period of declining rates and providing some relief to the local bullion market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold increased by Rs1,400 per tola, bringing the new rate to Rs423,436. Similarly, the price of 10 grams of gold rose by Rs1,201 to Rs363,028.
The latest increase came after gold prices dropped by Rs2,500 per tola on Saturday, October 24, when the price settled at Rs422,036.
International Gold Market Also Records Gains
Gold prices also moved higher in the international market. According to figures reported by Business Recorder, the international price of gold increased by $14 per ounce to reach $4,009.
Reuters reported that international gold prices climbed above $4,000 per ounce on Monday, as lower oil prices eased some inflation concerns ahead of the US Federal Reserve’s policy meeting.
Silver Prices Increase as Well
Silver prices also recorded an increase in Pakistan. The price of silver rose by Rs20 per tola to Rs5,878, while the price of 10 grams increased by Rs17 to Rs5,039.
What Does This Mean for Buyers?
The increase indicates a short-term recovery in the local gold market. However, one day’s rise does not necessarily mean that gold prices will continue increasing.
Gold rates in Pakistan are influenced by international bullion prices, movements in the rupee against the US dollar, and domestic market conditions. Buyers and jewellery traders will continue watching these factors for further price movements.
