Following a week of notable declines, Pakistan’s gold price recovered, beginning the week with slight increases in line with worldwide trends in the yellow metal market.
The price of gold in Pakistan went up by Rs800 per tola and Rs686 per 10 kilos to reach Rs240,800 and Rs206,447, respectively, according to figures from the All Pakistan Sarafa Gems and Jewellers Association.
Notably, on April 20, 2024, the price of gold per tola in Pakistan hit an all-time high of Rs 252,200. The week ending May 18, 2024, saw a cumulative gain of Rs7,500 per tola due to this rise.
The group also emphasized that buyers in Pakistan were in a good position because the local gold market was Rs4,000 less expensive per tola than the global market.
Gold, which is sometimes viewed as an inflation hedge, had suffered losses in the local market as a result of higher-than-expected inflation data that dampened hopes for a rate reduction. A steady monetary policy also depressed investor sentiment.
