In the past week, the price of gold in Pakistan has seen a significant increase, with a rise of Rs. 4,950 per tola. This surge was reported by the All-Pakistan Gems and Jewellers Association (APGJA).
The price of gold, specifically 24 carats, rose by Rs. 2,000 per tola on Saturday, closing at over Rs. 213,000. This increase also affected the price of 10 grams of gold, which soared by Rs. 1,714 to Rs. 182,000.
The fluctuation in gold prices throughout the week was notable. On Monday, the price had increased by Rs. 1,250 per tola, only to drop by Rs. 750 per tola and Rs. 400 on Tuesday and Wednesday respectively. However, Thursday saw a substantial rise of Rs. 2,900 per tola. Despite a minor drop of Rs. 50 on Friday, the overall increase for the week remained significant.
This upward trend in gold prices is not a new phenomenon. The previous week we also witnessed an increase of Rs. 6,350 per tola. This means that the price of gold has soared by Rs. 11,300 per tola over the last two weeks, marking a considerable escalation in the value of this precious metal in Pakistan.
These figures highlight the volatile nature of gold prices, which are influenced by factors including global market trends, economic stability, and investor behavior. As such, potential investors and those interested in the gold market should keep a close eye on these fluctuations to make informed decisions.
This report is based on the data released on October 29, 2023. For the most recent updates on gold prices and other precious metals, please refer to the All-Pakistan Gems and Jewellers Association or reliable financial news sources.