The per tola rate of 24-karat gold jumped by Rs. 1,200 on Friday, reaching Rs. 377,900 compared to Rs. 376,700 on the previous day, according to the All Pakistan Sarafa Gems and Jewellers Association. The rise reflects strong demand for pure gold in the domestic market, making it an attractive option for investors and buyers.
Likewise, 10 grams of 24-karat gold rose by Rs. 1, 029 to stabilize at Rs. 323, 988, compared to Rs. 322, 959. The upward trend was observed in the 22-karat too, which rose by Rs. 943 to Rs. 296,999 against Rs. 296,056.
In the meantime the local silver market did not fall. The 24-karat silver ounce rate per tola was 4,315 with 10 grams remaining constant at 3,699. International silver prices currently stand at US$40.82 per ounce.
Read more: SPI Inflation in Pakistan Hits Consumers Hard This Week
Worldwide, the price of gold increased by $12, to $3,552 per ounce, up against the previous price of $3,540. This is the international push that has made the Pakistani stock market trend bullish, which has increased consumer confidence and the trading activity.
As the price of gold has steadily increased, investors and jewelers are looking to make profitable purchases to keep the precious metal a stable store of value and trade value.
