ISLAMABAD: The All Pakistan Gems and Jewellers Sarafa Association (APGJSA) is expected to announce the gold price for today (October 31) in Pakistan soon. Initial indications suggest that the precious metal may record another increase, continuing its upward trend till October.
The month of gold is expected to end with a significant increase. By October 30, the price of gold per tola in Pakistan had increased by Rs12,084 during the month, reaching Rs418,862 as against Rs406,778 at the beginning of October. Today’s final rate will determine the total increase for the month after the latest data is released.
Gold prices in Pakistan declined slightly on Thursday, with 24-karat gold selling for Rs418,862 per tola, down Rs1,000 from the previous day. According to APGJSA data, the price of 24-karat gold per 10 grams fell by Rs 857 to Rs 359,106, while the price of 22-karat gold remained at Rs 329,300 per 10 grams.
Globally, gold demand reached a record high in the third quarter of 2024 as the price of the precious metal reached an all-time high amid ongoing geopolitical tensions. According to the World Gold Council (WGC), total demand between July and September rose by three percent year-on-year to 1,313 tonnes, the highest level in almost 25 years since the WGC began compiling such figures.
The increase was largely due to investors seeking safe havens amid the Russia-Ukraine war and the Israel-Gaza conflict, which have contributed to rising uncertainty in global markets.
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