Gold reverses losses in local market with Rs2,000 per tola surge

KARACHI: Gold prices in Pakistan rebounded on Thursday, recovering some of the losses from earlier in the week.

After two consecutive days of decline, the price of gold per tola increased by Rs2,000, reaching Rs262,100, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of 10-gramme gold saw a rise of Rs1,714, bringing the new rate to Rs224,708.

On Wednesday, the price of gold had dropped by Rs1,400 per tola to Rs260,100, marking the second day in a row of falling prices.

In contrast, gold prices in the international market surged. As per APGJSA, gold was trading at $2,503 per ounce (with a $20 premium), reflecting a daily increase of $22.

Silver prices remained unchanged at Rs2,900 per tola.

It is important to note that in August, gold prices in Pakistan reached a record high of Rs263,700 per tola, sparking concerns among those planning to purchase the precious metal for wedding jewellery.

The unprecedented surge made gold less affordable for many families preparing for the traditional use of gold in bridal wear.

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