Gold prices in Pakistan saw an increase of Rs1,500 per tola on Saturday, with the price of 24-karat gold rising to Rs242,000 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of 10 grams of 24-karat gold also increased by Rs1,286 to Rs207,494.
Global Market Influence
The rise in domestic gold prices is attributed to an uptick in international markets. In the global market, gold prices edged higher, with spot gold trading at $2,340 per ounce, up by $10 from the previous close. The APSGJA noted that the local market follows international trends closely.
Rupee Depreciation Impact
The Pakistani rupee also weakened against the US dollar, which contributed to the higher gold prices. The rupee depreciated by 0.12% to close at 278.5 against the dollar in the interbank market on Friday. A weaker rupee makes dollar-denominated imports like gold more expensive.
Silver Prices Unchanged
In contrast, silver prices remained stable on Saturday, with the price of 24-karat silver staying at Rs2,800 per tola and Rs2,400 per 10 grams, as per the APSGJA.
Market Outlook
Analysts expect gold prices to remain volatile in the coming days due to global economic uncertainties and currency fluctuations. Investors are advised to monitor international trends and local currency movements for future price predictions.
