This week, the gold market in Pakistan marked its third price hike, with the rate reaching Rs. 216,300 per tola as of Thursday.
The Karachi Sarafa Association reported that the price for 24-carat gold climbed by Rs. 800 per tola, setting the new rate at Rs. 216,300. Simultaneously, the cost for 10 grams of gold price rose by Rs. 686, landing at Rs. 185,442.
Weekly Gold Price Trends
The week kicked off with significant gains in gold prices, posting a rise of Rs. 1,500 per tola on Monday and another increase of Rs. 700 per tola on Tuesday.
Despite a minor setback on Wednesday, with prices dipping by Rs. 600 per tola, the overall trend for the week remained upward.
Contextualizing the Price Fluctuations
January witnessed a notable decrease in gold prices by Rs. 4,500 per tola. This downward trend was attributed to a decrease in global gold prices coupled with the Pakistani Rupee gaining strength against the US Dollar.
In sum, the gold market in Pakistan has experienced significant fluctuations this week, underscoring the dynamic nature of precious metal investments in the country.
