• Gold prices in Pakistan remained stable at the beginning of the week.
• The recent high highlighted the volatility in precious metal markets.
• Silver prices in Pakistan also remained unchanged.

The gold price in Pakistan started the week on a steady note, with bullion rates remaining unchanged on Monday, reflecting the stability observed in the international market.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) in Pakistan stood at Rs239,400 per tola and Rs205,247 per 10 grams, maintaining its stability without any significant changes.

It’s worth noting that just a few days ago, on Saturday, April 20, 2024, the per tola gold price in Pakistan had reached an all-time high of Rs 252,200, showcasing the volatility inherent in precious metal markets.

The APSGJA also highlighted an interesting aspect of the Pakistani gold market, mentioning that gold is priced at Rs4,000 per tola “undercost” compared to international rates. This indicates that the Pakistani gold market is currently offering gold at a lower price than the global market, making it an attractive option for buyers.

Gold, often seen as a hedge against inflation, saw losses in the local market due to stronger-than-expected inflation data. This data, which fell to its lowest level since May 2022, tempered expectations of a rate cut, leading to a steadier monetary policy that dampened investors’ enthusiasm.

Similarly, in the international market, the gold price per ounce remained stable at $2,292, reflecting the overall stability observed in the precious metals sector globally. However, it’s worth noting that gold touched a record high of $2,431.29 per ounce on April 12, indicating the volatility and fluctuations that can occur in this market.

Meanwhile, silver prices in the local market also remained unchanged at Rs 2,750 per tola and Rs 2,357.68 per 10 grams, respectively.

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The determination of gold prices in Pakistan is carried out by the APSGJA, which assesses global market prices, the rupee-dollar exchange rate, and demand and supply dynamics in domestic markets to arrive at the latest gold rates. This process ensures that gold prices in Pakistan reflect the prevailing market conditions and trade activities among buyers and sellers.

Gold, being a safe investment and a hedge against economic uncertainty, continues to attract buyers in Pakistan, especially during times of political and economic instability and high inflation. This steady demand contributes to the overall stability of gold prices in the country amid global market fluctuations.