Gold price rises for the fourth time this week

KARACHI: Gold prices in Pakistan continued their upward trend on Friday, with the rate of 24-karat gold climbing by Rs1,100 to reach Rs363,700 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The latest increase pushed 24-karat gold per 10-gramme to Rs311,814 after a gain of Rs943.

Similarly, 22-karat gold was quoted at Rs285,839 per 10-gramme in the domestic market. Meanwhile, silver rates remained unchanged, with 24-karat silver trading at Rs4,121 per tola and Rs3,533 per 10-gramme.

Fourth rise this week

Friday’s increase marked the fourth rise in gold prices this week, adding a total of Rs3,700 from Monday’s level of Rs360,000 to the current Rs363,700 per tola. At the close of last week, gold had settled at Rs359,800, meaning prices have picked up pace in recent sessions.

The continued volatility comes amid global economic concerns and changing trends in international bullion markets, which have influenced domestic rates through the rupee-dollar parity.

Gold’s performance in August

August has so far turned out to be a month of sharp swings for gold prices in Pakistan. At the start of the month, on August 1, the yellow metal was priced at Rs352,900 per tola, slightly lower by Rs100 from July’s closing rate of Rs353,000.

The following day, August 2, saw a notable rise of Rs6,100, pushing prices to Rs359,000 per tola. Over the next few days, the trend remained mixed. On August 4, gold rose by Rs500 to Rs359,500, only to drop by Rs1,500 on August 5, settling at Rs358,000 per tola.

By August 7, gold had surged to Rs362,200 after a two-day rally, followed by a slight gain of Rs500 on August 8, taking it to Rs362,700 per tola. However, the market corrected the next day, with a Rs300 drop to Rs362,400.

Mid-month proved more volatile. On August 11, gold fell sharply by Rs3,600 to Rs358,800. This was followed by smaller declines in subsequent sessions, with prices dropping to Rs357,100 by August 15 and further down to Rs356,200 on August 16.

A rebound came on August 18 when gold climbed to Rs357,700, though the gains were short-lived as the rate slipped again to Rs356,600 on August 19 and Rs355,200 on August 20. On August 21, the price recovered to Rs357,200 before dipping again to Rs355,700 on August 22.

Momentum returned on August 23 when gold jumped Rs4,100 to Rs359,800 per tola, a level it held on August 25. The upward streak resumed on August 26 with a Rs900 increase to Rs360,700, followed by another Rs1,000 rise to Rs361,700 on August 27.

August 28 recorded another Rs900 jump, taking the price to Rs362,600. Finally, on August 29, gold reached its current level of Rs363,700 after gaining Rs1,100 in a single session.

Monthly rise of Rs10,700

Overall, gold prices have surged by Rs10,700 per tola since the beginning of August. The increase shows the continued volatility of the precious metal in the local market, reflecting not only global fluctuations but also domestic economic pressures.

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