Gold prices see slight dip after record surge

KARACHI: After reaching an all-time high, gold prices in Pakistan recorded a slight decline on Saturday, dropping by Rs300 per tola. 

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold fell to Rs313,700 per tola.

Similarly, the price of 10 grams of 24-karat gold decreased by Rs257, settling at Rs268,947, while 22-karat gold dropped by Rs236 to Rs246,543 per 10 grams. 

Meanwhile, silver prices remained stable, with per tola silver holding at Rs3,530 and 10 grams at Rs3,026. 

On the international market, gold prices dipped by $4 per ounce, reaching $2,984. 

It is worth noting that gold prices had hit a historic high on Friday, surging by Rs4,700 per tola to Rs314,000.

Similarly, 10 grams of 24-karat gold had climbed by Rs4,030 to Rs269,204, while 22-karat gold had risen by Rs3,694 to Rs246,779 per 10 grams.

On Thursday, the price per tola of gold had already gone up by Rs2,800.

Internationally, the price of gold also rose on Friday. APGJSA reported that gold stood at $2,988 per ounce, including a $20 premium, marking a $46 increase for the day.

Weekly inflation up as essential items become pricier

Pakistan’s short-term inflation has shown a slight uptick of 0.22 per cent in the past week, according to a report by the Pakistan Bureau of Statistics (PBS) on Friday. However, when compared to the same period last year, inflation has dropped by 1.97 per cent, signalling some relief on an annual basis.

Out of 51 essential commodities tracked by PBS, 12 items (23.53 per cent) saw price increases, 15 items (29.41 per cent) experienced price drops, while 24 items (47.06 per cent) remained unchanged. This mixed trend reflects both inflationary pressures and easing costs in different areas.

The most significant weekly price hikes were recorded in everyday items like tomatoes, which saw a staggering 36.43 per cent increase, followed by chicken (6.40 per cent), bananas (6.05 per cent), and sugar (5.69 per cent). The price of LPG (liquefied petroleum gas) rose by 1.44 per cent, while common food items such as bread, beef, and pulse moong also saw slight upticks.

Conversely, there was some respite in the prices of onions, which dropped sharply by 16.71 per cent, followed by potatoes (6.59 per cent), garlic (5.29 per cent), and several pulses like gram and mash, alongside a slight dip in tea prices.