Gold prices in Pakistan decreased on Saturday in line with their loss in the international market. In the local market, gold price per tola reached Rs446,300 after a decline of Rs10,600 during the day.
As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs382,630 after it lost Rs9,088.
On Friday, gold price per tola reached Rs456,900, a new all-time high, after an increase of Rs14,100 during the day.
Gold rates have been on a record-breaking spree in recent weeks, driven by heightened geopolitical tensions.
“Physical gold and silver remain in short supply worldwide,” Adil Saleem, Founder and CEO at Zariah, wrote in his weekly newsletter.
“The squeeze on available metal is pushing prices higher, while investor positioning still looks cautious. At the same time, demand for physical gold through ETFs [exchange traded funds] continues to rise, draining liquidity from global vaults,” he wrote.
Saleem opined that “the global environment now favours precious metals: limited supply, rising inflation, and renewed geopolitical risk”.
Meanwhile, the international rate of gold saw a decrease today. The rate was at $4,252 per ounce (with a premium of $20), a loss of $106, as per APGJSA.
Moreover, silver price per tola also decreased by Rs231 to reach Rs5,273.
