The domestic bullion market in Pakistan experienced a significant upward trend on Saturday, with prices of both gold and silver recording sharp increases. The latest data released by the All Pakistan Sarafa Gems and Jewellers Association confirmed the notable jump, impacting investors and consumers across the country.
Substantial Rise in Domestic Gold Prices
According to the association's report, the price of 24-karat gold surged by a considerable Rs 2,300 per tola. This brought the selling price to Rs 475,662 per tola, up from the previous trading day's rate of Rs 473,362.
When measured in grams, the increase was equally pronounced. The price for 10 grams of 24-karat gold climbed by Rs 1,972, reaching Rs 407,803 from Rs 405,831. For the more commonly purchased 22-karat variant, the price of 10 grams increased by Rs 1,808, settling at Rs 373,833 compared to the earlier Rs 372,025.
Silver Also Follows the Upward Trend
The precious metals rally was not limited to gold. Silver prices also witnessed a strong upward movement on the local market. The association reported that the price of 24-karat silver per tola rose sharply by Rs 462, reaching a new level of Rs 8,407.
Similarly, the rate for 10 grams of silver increased by Rs 396, moving up to Rs 7,207. This parallel surge highlights a broad-based strength in the precious metals sector within the domestic economy.
International Market Influences
The upward adjustment in Pakistani markets mirrors the positive momentum observed in international trading. The association noted that in the global market, the price of gold increased by $23 to reach $4,533.
Silver prices internationally also saw gains, rising by $4.62 to $79.32. Fluctuations in the international market, often driven by global economic sentiment, currency exchange rates, and geopolitical factors, directly influence local precious metal prices in Pakistan.
The consistent reporting by the All Pakistan Sarafa Gems and Jewellers Association provides crucial transparency for traders, jewellers, and individual buyers. Such significant single-day increases underscore the volatile nature of commodity investments and the importance of staying informed with daily price updates from authoritative sources.
