Business Desk 
Feb 21, 2024
In line with its five-day winning streak, gold price in Pakistan increased by Rs 750 per tola and Rs 644 per 10 grams on Wednesday.
According to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) settled at Rs 215,200 and Rs 184,500, respectively.
Meanwhile, the price of the yellow metal gained $6 per ounce settling at $2,048 per ounce in the international market today.
Cumulatively, gold price in Pakistan gained Rs 4,400 per tola in the last five sessions — i.e. February 15 - 21.
Gold price in Pakistan has been volatile in Pakistan recently amid continued political and economic uncertainty and high inflation. People prefer to buy this precious commodity in such times as a safe investment and a hedge.
Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.
Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets. The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.
On the physical side, demand for gold in Pakistan picked up pace this week as some consumers bought into a retreat in domestic prices as the wedding season will kick off immediately after Ramadan.
Data shared by the association showed the price of silver remained unchanged at Rs 2,570 per tola and Rs 2,203.36 per 10 grams, respectively.
It also mentioned that the price of the bullion is made plus $20 premium in international gold rate.
