Local gold price rises by Rs2,500 per tola, reflecting global demand surge

KARACHI: Gold prices in Pakistan surged once again on Friday mirroring the global trend as international rates climbed.

According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of gold per tola rose by Rs2,500, bringing it to Rs280,500 in the local market. Similarly, the price for ten grammes of gold increased by Rs2,143 to Rs240,483.

This rise followed Thursday’s increase when the per tola rate jumped by Rs3,700 and closed the session at Rs278,000.

Globally, gold prices also increased notably on Friday with rates reaching $2,693 per ounce, which included a premium of $20. The day’s rise amounted to $25, reflecting a growing demand for the precious metal.

While gold prices climbed silver remained unchanged with rate holding steady at Rs3,450 per tola.

It’s worth noting that gold prices in Pakistan hit a record high last month reaching Rs287,900 per tola.

On the international front, Friday marked a strong week for gold, with prices headed towards their best performance in a year.

The increase is largely driven by safe-haven demand due to escalating tensions in the Russia-Ukraine conflict. Investors are also closely watching the outlook for potential US interest rate cuts.

Spot gold rose by 0.7 per cent, reaching $2,688.70 per ounce by 0306 GMT, and the metal had gained nearly 5 per cent over the week, its best showing since last year.

Gold price history (November 2024)

November 1: Rs284,700 per tola

November 2: Rs283,000 per tola

November 3: Sunday

November 4: Rs283,700 per tola

November 5: Rs283,200 per tola

November 6: Rs282,200 per tola

November 7: Rs276,800 per tola

November 8: Rs278,800 per tola

November 9: Rs278,800 per tola

November 10: Sunday

November 11: Rs277,500 per tola

November 12: Rs231,911 per tola

November 13: Rs271,900 per tola

November 14: Rs266,400 per tola

November 15: Rs267,700 per tola

November 16: Rs267,400 per tola

November 17: Sunday

November 18: Rs269,900 per tola

November 19: Rs273,500 per tola

November 20: Rs274,300 per tola

November 21: Rs278,000 per tola

November 22: Rs280,500 per tola

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