KARACHI: Gold prices have kicked off the new trading week with a notable upward trend in Pakistan’s local bullion markets, rising by Rs.3,900 per tola, while silver prices saw a more marginal increase.
According to the latest rates issued by the All Pakistan Sarafa Gems and Jewellers Association for Monday, the price of 24-carat gold per tola increased by Rs.3,900, reaching Rs.475,962. This bullish start follows a highly volatile week where gold prices experienced historic swings, including a record single-day drop of over Rs.43,000 followed by a rapid recovery. The 10-gram rate for 24-carat gold similarly climbed by Rs.3,343 to settle at Rs.408,060.
The resurgence in the local market is largely a reflection of the international gold price, which gained $39 to reach $4,532 per ounce.
In contrast to the sharp gains in gold, silver saw a much lighter move, increasing by just Rs.70 to settle at Rs.7,524 per tola, while the international silver rate edged up to $70.40.
Traders at the Karachi Sarafa Bazaar note that while gold is once again nearing its recent record highs, silver remains relatively stable compared to the dramatic fluctuations seen earlier this month. As global markets react to shifting economic cues, the local market continues to be heavily influenced by both international spot prices and the fluctuating interbank exchange rates.
