Starting the week on a bullish trend, gold prices in Pakistan witnessed an uptick, influenced by the weakening of the rupee against the dollar and increased global rates.
The latest figures from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reveal a rise of Rs3,100 per tola and Rs2,658 per 10 grams in 24-carat gold prices, positioning them at Rs229,900 and Rs197,102, respectively.
Concurrently, in the global arena, the value of gold experienced a slight gain of $2, settling at $1,891 per ounce.
Discussing this trend, AA Commodities Director Adnan Agar informed that the continual ascent in local gold prices is primarily due to the rupee’s underperformance against the dollar. “Even though international prices dipped below the 1900 benchmark, they have seen a revival today,” Agar pointed out.
Emphasizing future projections, Agar mentioned that if both the rupee’s descent and a decrease in global prices persist, it’s unlikely to affect local bullion prices, which might stabilize. Conversely, if international prices surge combined with a further weakened rupee, local gold prices might experience an even steeper increase.
In recent trading history, gold prices have climbed by Rs8,100 per tola in six sessions domestically. Meanwhile, the silver market remained steady, with prices holding at Rs2,800 per tola and Rs2,400.54 for 10 grams.
