Gold prices in Pakistan experienced an upward movement on Monday, reversing a week of declines seen in both domestic and international markets. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported an increase of Rs1,200 per tola in the local gold price.
Following this rise, the price of gold reached Rs437,536 per tola. Similarly, the cost of 10 grams of gold went up by Rs1,029, settling at Rs375,116. Silver prices also saw a modest increase of Rs66 per tola, bringing the new price to Rs6,588.
On the international front, gold prices rose by $12 per ounce, reaching $4,150. This rebound comes after a sharp decline on the last trading day of the previous week, when local gold prices dropped by Rs4,300 per tola, mirroring a fall in global gold values.
Gold prices are influenced by multiple factors, including fluctuations in the US dollar, global economic instability, geopolitical tensions, and investor behavior. During times of economic or political uncertainty, gold is often viewed as a safe-haven asset, which can drive prices higher. Conversely, when uncertainty diminishes, gold prices may face downward pressure.
In Pakistan, the exchange rate between the Pakistani rupee and the US dollar also significantly impacts local gold prices, alongside international market trends.
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