The price of 24-carat gold increased by Rs700 to Rs241,700 per tola, and 10 grams rose by Rs600 to Rs207,219 on Friday. The Gems and Jewelers Association reported that the price for silver per tola is now Rs2,850. Internationally, gold per ounce increased by $22, reaching $2,326.
Gold prices in Pakistan have experienced significant fluctuations over the past year.
City-wise Gold Rates as of June 28, 2024:
- Karachi: PKR 241,200 per tola
- Lahore: PKR 241,200 per tola
- Islamabad: PKR 241,200 per tola
- Peshawar: PKR 241,200 per tola
- Quetta: PKR 241,200 per tola
Gold Buying and Selling Trends:
- Karachi: As the financial hub, Karachi leads in gold transactions in Sarafa Bazaar.
- Lahore: Cultural practices and weddings drive significant demand in Lahore’s gold market.
- Islamabad: The capital city maintains a steady gold demand for investment and jewellery.
- Peshawar: Traditional bazaars in Peshawar contribute to a dynamic market fueled by local and cross-border trade.
- Quetta: Proximity to Afghanistan impacts Quetta’s gold market and local economic activities.
Factors Influencing Gold Prices:
- International Gold Prices: Shifts in the global market directly affect local pricing.
- Currency Exchange Rates: The Pakistani rupee’s strength against the US dollar influences gold prices.
- Economic Conditions: Inflation, political stability, and economic policies are key determinants of gold pricing.
