Gold prices in Pakistan have experienced significant fluctuations due to developments in the international market, as reported by ARY News.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) noted a substantial increase in the price of 24-carat gold, which rose by Rs2,900, settling at Rs236,400 per tola.
Conversely, the rate for 10 grams of gold saw a decline of Rs2,486, reaching Rs220,675.
Internationally, the price of gold surged by $21, reaching a settlement of $1,938 per ounce.
Earlier in the week, despite a minor $1 increase in the global market, gold prices in Pakistan exhibited a decrease.
The price of 24-carat gold per tola dipped by Rs1,500 to settle at Rs233,000, and the cost of 10 grams of gold declined by Rs1,286 to reach Rs99,760. In the international market, gold prices only saw a marginal increase of $1, settling at $1,915 per ounce.
These fluctuations in gold rates within Pakistan can be attributed to the ongoing political and economic uncertainties and the persistent high inflation.
Previously, gold prices had hovered near three-week lows following robust US private payrolls data, indicating the potential avoidance of a recession. This news fueled expectations of further monetary policy tightening, subsequently boosting the dollar and Treasury yields, as reported by Reuters.
As of 0741 GMT, spot gold remained relatively stable at $1,936.07 per ounce, having touched its lowest point since July 11. U.S. gold futures experienced a 0.2% decrease, settling at $1,971.90.