According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs1,000 per tola and Rs857 per 10 grams to settle at Rs205,600 and Rs176,268.
Silver prices in the domestic market remained unchanged at Rs2,250 per tola and Rs1,929 per 10 grams, respectively.
Investors and the jewelry industry are heaving a sigh of relief as gold prices recover in Pakistan. After a bearish period, gold prices rallied above Rs 205,000 per tola, suggesting the precious metal is regaining its lost luster. The recovery in gold prices can be attributed to several factors. First, a rise in international gold prices affects domestic gold prices. Since gold is traded internationally, fluctuations in global prices can also affect local prices. Gold prices in Pakistan have risen in recent weeks as international gold prices rose on dollar weakness and inflation concerns. Another reason for the increase in gold prices is the fall in the value of the Pakistani rupee.
As the rupee weakens against the dollar, the cost of importing gold into the country rises, which in turn pushes up gold prices. Gold prices are likely to remain high in the coming weeks as the rupee continues to come under pressure.
Finally, the recovery in gold prices was also supported by the increase in demand for gold. Many investors have turned to gold as a safe haven due to uncertainty in the global economy. Pakistan also has a cultural affinity with gold, with many buying golds as an investment as well as jewelry for weddings and other special occasions. A recovery in gold prices can have a positive impact on Pakistan’s economy. Gold is an important export product of Pakistan and a rise in gold prices can lead to an increase in exports and foreign exchange earnings. Also, a rise in gold prices can increase investment opportunities in the country as investors seem to be taking advantage of the rise in prices.
Overall, the recovery in gold prices in Pakistan is a positive sign for investors and the jewelry industry. The rise in prices can be attributed to several factors, including international gold prices, the depreciation of the rupee, and increased demand for gold. Whether this recovery in gold prices will continue remains to be seen, but for now, it is a positive development for Pakistan’s economy.
