Gold Prices Surge in Pakistan, Global Market Follows Suit
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Gold prices in Pakistan witnessed a significant increase on Wednesday, according to reports from the All-Pakistan Gems and Jewellers Association (APGJA) and the All Sindh Sarafa Jewellers Association. The per tola price of 24 karat gold in Islamabad rose by Rs. 5,500 to Rs. 205,500 from Rs.199,500 on the previous trading day. Similarly, the ten-gram price of the same quality surged by Rs.4,715 to Rs.175,754 from Rs.171,039.
The APGJA reported an uptick in gold prices after a month-long hiatus in updates. Early September saw prices nearing an all-time high of Rs. 240,000 per tola, with the last reported price at Rs. 215,000 on September 12 before a bullion trade suspension led to a drop below Rs. 190,000 per tola last week according to unofficial rates.
In addition to the hike in the price of 24-karat gold, the All Sindh Sarafa Jewellers Association also reported an increase in the prices of 10 grams of 22-karat gold to Rs.161,108 from Rs.156,786. However, silver prices remained steady at Rs.2,500 per tola and Rs.2,143.34 for ten grams respectively.
On a global scale, there was also an increase in gold prices with a $16 rise that saw gold being traded at $1,872. This rise in international markets parallels the surge experienced in Pakistan’s local gold market as reported by both APGJA and the All Sindh Sarafa Jewellers Association.
The rise in gold prices comes after a period of stagnation and is likely to impact both local and international traders alike. However, it remains to be seen how this will affect future trading and the overall gold market.
