Summary Gold prices recorded a sharp increase in Pakistan on Thursday, with the per-tola rate jumping Rs13,700 as international bullion climbed $137 an ounce.
KARACHI (Dunya News) - Gold prices surged sharply in Pakistan on Thursday, tracking a major increase in the international bullion market and pushing the precious metal further beyond the reach of ordinary buyers.
The price of gold in the international market jumped by $137 per ounce, taking the global rate to $4,495 per ounce.
The steep international increase quickly spilled over into Pakistan’s domestic bullion market, where the price of 24-karat gold rose by Rs13,700 per tola to reach Rs471,936 per tola.
Similarly, the price of 10 grams of gold increased by Rs11,746, taking the new rate to Rs404,609.
The latest increase represents another significant move for Pakistan’s gold market, where prices remain highly sensitive to movements in international bullion rates as well as changes in the value of the Pakistani rupee.
The Rs13,700 single-day increase is particularly significant for households planning weddings and other events, where jewellery purchases traditionally account for a substantial portion of expenditure.
Higher prices also affect jewellery businesses as consumers may reduce the weight of purchases, postpone buying decisions or increasingly opt to exchange old jewellery for new designs.
Gold, however, remains an important store of value for investors seeking protection against inflation, currency depreciation and economic uncertainty.
International bullion movements have a direct impact on Pakistani prices because the domestic market largely follows global gold rates while incorporating the prevailing rupee-dollar exchange rate and local market conditions.
Silver prices also recorded an increase in the domestic market.
The price of silver rose by Rs317 per tola to Rs7,169, while the quoted price for 10 grams climbed to Rs6,146.
The simultaneous rise in gold and silver highlighted strong upward momentum across precious metals on Thursday.
