Gold Prices Surge in Pakistan, Global Market Follows Suit
Gold Prices Witness Significant Increase in Pakistan
The gold market in Pakistan experienced a substantial surge in prices on Wednesday, according to reports from the All-Pakistan Gems and Jewellers Association (APGJA) and the All Sindh Sarafa Jewellers Association. The per tola price of 24 karat gold in Islamabad rose by Rs. 5,500 to Rs. 205,500 from Rs.199,500 on the previous trading day. Similarly, the ten-gram price of the same quality surged by Rs.4,715 to Rs.175,754 from Rs.171,039.
Uptick in Gold Prices after Month-long Hiatus
After a month-long hiatus in updates, the APGJA reported an uptick in gold prices. In early September, prices reached near an all-time high of Rs. 240,000 per tola, with the last reported price at Rs. 215,000 on September 12. However, a bullion trade suspension led to a drop below Rs. 190,000 per tola last week, according to unofficial rates.
Increase in 22-karat Gold Prices
In addition to the surge in the price of 24-karat gold, the All Sindh Sarafa Jewellers Association reported an increase in the prices of 10 grams of 22-karat gold to Rs.161,108 from Rs.156,786. On the other hand, silver prices remained steady at Rs.2,500 per tola and Rs.2,143.34 for ten grams respectively.
Global Market Reflects Gold Price Increase
Not only did gold prices rise locally, but there was also an increase in global gold prices. The international market saw a $16 rise, with gold being traded at $1,872. This parallel surge in both Pakistan’s local gold market, as reported by APGJA and the All Sindh Sarafa Jewellers Association, and the global market signifies the significance of the gold price increase.
Impact on Local and International Traders
The rise in gold prices is expected to have an impact on both local and international traders. After a period of stagnation, this significant increase brings forth new possibilities and challenges for the gold market. It remains to be seen how this surge will shape future trading and the overall gold market.
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