Gold price increases by Rs2,900 per tola in Pakistani markets

WEB DESK: Pakistan experienced a significant surge in gold prices on Thursday, propelled by international market movements influenced by the ongoing Israel-Hamas conflict in the Middle East.

According to data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola reached Rs211,350, marking a notable increase of Rs2,900. Similarly, the price for 10 grammes of gold rose to Rs181,198, reflecting a rise of Rs2,486.

In the preceding session, the per-tola gold price in Pakistan had been Rs208,450, indicating a decrease of Rs750.

The escalating conflict in the Middle East, highlighted by Russian President Vladimir Putin’s concerns about its potential to spread beyond the region, has spurred investors to turn to gold as a safe-haven asset. This influx of demand has led to a surge in its price globally.

Read more: Pakistani rupee continues decline against US dollar, closes at Rs280.09

Internationally, gold was valued at $1,990 per ounce on Thursday, marking a $20 increase. In the Pakistani market, gold traders typically add a premium of $20 to the international price, bringing the local rate to $2,010.

Meanwhile, silver rates remained stable at Rs2,500 per tola amidst these fluctuations in the precious metals market. The situation continues to be closely monitored as geopolitical tensions impact global financial markets.