ISLAMABAD: Gold prices in Pakistan saw a notable increase of Rs800 on Monday after a prolonged downward trend.
The price of 24-karat gold rose to Rs215,300 per tola in the local market, compared to Rs214,500 the previous day. The month of June typically witnessed a significant decline in the price of the precious metal.
The All Sindh Sarafa Jewellers Association said that the price of 10 grams of 24-karat gold increased by Rs685 to reach Rs184,585, while the price of 10 grams of 22-karat gold rose to Rs169,203 from Rs168,574.
In the international market, the price of gold increased by $11, settling at $1931 per ounce, compared to $1920 the previous day.
Silver prices also experienced an upswing in the local market, with an increase of Rs50 per tola and Rs42.87 per 10 grams, reaching Rs2,550 and Rs2,186.21, respectively.
Fluctuation in gold price
The price of gold has exhibited significant fluctuations in Pakistan over the past few months. From January to May 2023, the price witnessed a staggering increase, reaching a historic high of Rs240,000 per tola on May 10.
However, starting from the beginning of June, the price declined steadily, reaching Rs214,500 per tola last Saturday.
During this downward trend, the price of gold plummeted by over Rs25,000 per tola. The slight increase of Rs800 on Monday could be attributed to the rise in the international market.
These fluctuations highlight the dynamic nature of gold prices, influenced by various factors including global market trends and investor sentiment.
