KARACHI: Gold prices have once again witnessed a significant upward trend in Pakistan’s local bullion markets, with gold rising by Rs.4,800 per tola, effectively ending a two-day downward streak.
According to the latest rates issued by the All Pakistan Sarafa Gems and Jewellers Association for Saturday, the price of 24-carat gold per tola increased by Rs.4,800, reaching Rs.472,062. This resurgence follows a cooling period on Thursday and Friday where the metal had shed a combined Rs.12,000. The 10-gram rate for 24-carat gold similarly climbed by Rs.4,116 to settle at Rs.404,717, while 22-karat gold rose to Rs.371,004.
Market guru believes the rebound in the Karachi market is largely a reflection of the international gold price, which gained $48 to reach $4,493 per ounce.
Despite the volatility in gold, the silver market remained remarkably stable today; both local and international silver rates saw no change, with the local price holding firm at Rs.7,454 per tola and the global rate staying at $69.70 per ounce.
It is pertinent ot add here that this Saturday surge caps off one of the most unpredictable weeks in recent memory for the Pakistani bullion market.
The week opened with a massive dip of over Rs.43,000 on Monday, followed by a vertical climb of over Rs.31,000 during the mid-week sessions, before dipping again and finally rallying today. Traders at the Karachi Sarafa Bazaar note that while the market has not yet returned to the week’s high of Rs.479,262, the persistent strength in international rates and interbank exchange fluctuations continue to push the “yellow metal” toward record territory.
