The price of gold in Pakistan has seen a surge, breaking its previous losing streak in the domestic market. On Wednesday, October 18, 2023, the price of gold per tola (a traditional South Asian unit of mass) increased by Rs6,400, reaching a new high of Rs205,000.
This data was released by the All-Pakistan Sarafa Gems and Jewellers Association, which also reported that the price of 10 grams of 24-karat gold surged by Rs5,487 to settle at Rs177,040.
This increase in gold prices is not just confined to one city but is consistent across various cities in Pakistan including Lahore, Karachi, Islamabad, Peshawar, Quetta, and Sialkot among others. Each of these cities reported the same gold rate of Rs205,000 per tola.
The rise in gold prices also coincided with an upward trend in the international market. The price of the precious commodity increased by $36 to settle at $1,959 per ounce.
However, this surge in gold prices came at a time when the Pakistani Rupee was facing depreciation against the US dollar in the inter-bank market for the second consecutive day.
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This significant surge in gold prices marks a notable shift in the domestic market of Pakistan, ending a period of declining gold prices.