ISLAMABAD: Gold prices in Pakistan witnessed significant fluctuations during the past week due to changes in the international bullion market and currency exchange rates.
According to market dealers, the price of 24-karat gold saw both increases and decreases during weekly trading, keeping investors and buyers on alert. The trend in the local market largely followed movements in global gold prices and the value of the US dollar against the Pakistani rupee.
Jewellers stated that uncertainty in the international economy, inflation concerns and investor demand continued to influence gold prices throughout the week. Many citizens also preferred investing in gold as a safer option amid economic instability.
Meanwhile, traders expect further volatility in the coming days depending on international market trends and upcoming economic developments. Buyers have been advised to monitor daily rates before making purchasing decisions.
Gold remains one of the most closely watched commodities in Pakistan, especially ahead of the wedding season and festive occasions when demand usually increases.
Gold prices in Pakistan decreased on Saturday in line with their loss in the international market. In the local market, gold price per tola reached Rs476,262 after a decline of Rs600 during the day.
Similarly, 10-gram gold was sold at Rs408,317 after it fell by Rs515, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Friday, gold price per tola reached Rs476,862 after a decline of Rs15,500 during the day.
The international rate of gold declined by $6 to reach $4,539 per ounce (with a premium of $20).
Meanwhile, the price of silver also decreased by Rs159 to reach Rs8,073 per tola
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