Gold prices in Pakistan resume their upward trend

KARACHI: Gold prices in the local market resumed their upward trend on Friday after a brief one-day dip, following several days of continuous increases.

According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices saw a sharp increase of Rs3,000 per tola, bringing the rate of 24-karat gold to Rs307,000.

Similarly, the price of 10 grams of gold also surged by Rs2,571 to reach Rs263,203. 

The latest surge comes a day after a significant drop in gold prices. On Thursday, after several days of increases, the price of 24-karat gold per tola had fallen by Rs3,000 to Rs304,000.

Oil prices rebound, but set for biggest weekly drop since October

Likewise, the rate of 10 grams of 24-karat gold had declined by Rs2,571, settling at Rs260,630, while 22-karat gold per 10 grams had been recorded at Rs238,919 after a Rs2,359 decrease. 

Meanwhile, silver prices remained unchanged, with per tola silver priced at Rs3,369 and 10 grams at Rs2,888. 

The association also reported a decline in international gold prices on Thursday, with the per-ounce rate dropping by $28 to settle at $2,893. 

This fluctuation follows Wednesday’s increase when 24-karat gold per tola had risen by Rs700 to Rs307,000, while 10 grams of 24-karat gold had increased by Rs601 to Rs263,203.

The price of 22-karat gold per 10 grams had also climbed by Rs551 to Rs241,278.