Gold prices climb in Pakistan as per-tola rate shocks buyers
Major increase in local gold prices
According to the Gems and Jewellers Association, the price of 24-karat gold increased by Rs6,900 per tola during the business week. The new price has reached Rs460,336 per tola in the local market.
The price of 10 grams of gold also increased by Rs5,914. After the latest rise, 10 grams of gold is now priced at Rs394,663.
International gold prices also rise
Gold prices also recorded a major increase in the international market. The price rose by $69, taking the price of gold to $4,378 per ounce.
The rise in international prices has also added pressure to the local market. Traders and buyers are now watching the global market closely for the next move in prices.
Gold reaches weekly high
According to a Reuters report, gold prices increased for the second straight session after crude oil prices showed a downward trend in the global market. The rise pushed gold to its highest level of the current week.
The latest movement has kept gold prices at elevated levels in both international and local markets. Changes in global commodity markets are continuing to influence gold prices.
Crude oil market linked to gold rise
The report said one major reason behind the rise in gold prices is weakness in the crude oil market. The changing trend in oil prices has affected investor activity and contributed to the latest increase in gold.
The continued rise means gold buyers in Pakistan are facing higher prices. Further changes in international markets could influence local gold rates in the coming sessions.
Gold prices are being affected by movements in international markets, including changes in crude oil prices. The latest increase shows how global trends can quickly affect prices in Pakistan.
For buyers, the higher rate means purchasing gold now requires more money. The next direction of prices will depend largely on developments in global markets.
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