According to the All Pakistan Sarafa Gems and Jewelers Association, the price of 10 grams of 24-karat gold also climbed by Rs1,715, settling at Rs306,241 against Rs304,526 on the previous trading day.
Similarly, the rate of 10 grams of 22-karat gold went up by Rs1,573, hitting Rs280,731 from Rs279,158.
Silver, too, followed the upward trend in the local market. The price per tola increased by Rs78 to Rs4,013, while 10 grams rose by Rs67, now at Rs3,440.
Interestingly, the international market painted a different picture. Global gold prices actually fell by $20, sliding from $3,345 to $3,325. In contrast, silver gained strength, moving up by $0.78 to $37.80 from $37.02.
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The current rise in local gold prices, despite a decline in the international market, highlights the impact of local currency fluctuations, demand trends, and market dynamics within Pakistan. Jewelers suggest that local investors are increasingly turning to gold as a safe haven, driving up demand. The simultaneous increase in silver indicates that precious metals are still considered reliable assets against inflationary pressures. However, the disconnect between international and local markets shows how internal economic conditions are playing a dominant role in shaping prices.
