Gold price in Pakistan records sharp weekly rise despite Saturday dip

The gold market in Pakistan continued its turbulent run this week, leaving both buyers and investors trying to make sense of the frequent swings. After a series of dips on Friday and Saturday, the overall trend for the week still pointed upward, with the per tola rate rising by Rs8,200 compared with last Saturday.

The latest price cut came on Saturday when the per tola rate slid by Rs9,100 and settled at Rs430,662. Ten grams also became cheaper by Rs7,799 and were priced at Rs369,223. The drop followed what had already been a volatile week in the bullion market.

A week of mixed movements

Despite the weekend fall, the weekly comparison paints a very different picture. On November 8, which was also a Saturday, gold stood at Rs422,462 per tola. With the current rate at Rs430,662, the metal has posted a notable rise of Rs8,200 over the week, showing how unsettled the market has been.

Friday had also brought a round of declines. The All Pakistan Gems and Jewellers Sarafa Association reported that 24 karat gold fell by Rs3,300 to Rs439,762 per tola, while ten grams dropped by Rs2,829 to Rs377,025. Rates for 22 karat gold were also lower at Rs345,618 per ten grams.

The slide was not limited to gold. Silver prices eased further, with 24 karat silver sold at Rs5,522 per tola after a reduction of Rs140. The ten gram rate fell by Rs120. International markets showed a similar trend as global gold prices slipped by 91 dollars to reach 4,083 dollars per ounce with a premium of 20 dollars.