Gold prices in Pakistan experienced a week of significant fluctuations, with various ups and downs. The All-Pakistan Gems and Jewellers Association (APGJA) reported that the price of 24-carat gold increased by Rs. 2,200 per tola, reaching a high of Rs. 208,500, while the price of 10 grams rose by Rs. 1,886, crossing Rs. 178,000. However, this upward trend was interrupted on Monday, with a decrease of Rs. 1,900 per tola. Surprisingly, on Tuesday, traders refrained from issuing new price updates due to uncertainties about the pricing mechanism. Wednesday brought another increase of Rs. 6,400 per tola before a slight decline of Rs. 200 per tola on Thursday.
Cumulatively, gold prices in Pakistan increased by Rs. 6,500 per tola during the week. Meanwhile, in the international market, the price of gold reached a 3-month peak. Spot gold rose by 0.4 percent, reaching $1,980.80 per ounce, and US gold futures climbed by 0.6 percent to $1,992.50. These fluctuations in the gold market highlighted the uncertainty and volatility that both local and international investors and traders had to navigate throughout the week.
In summary, gold prices in Pakistan saw a rollercoaster ride, marked by significant price swings, while the international market also experienced an upward surge in the price of gold, reflecting the economic and geopolitical factors influencing this precious metal’s value.