Gold prices in Pakistan surged despite unchanged rates in international markets, according to data issued on April 26, 2023.
The price of 24 karat gold per Tola increased by Rs450 to Rs218,650, while 25 karat gold per 10 grams witnessed an increase of Rs386 to Rs187,457. The price of 22 karat gold per 10 grams recorded at Rs171,836. In contrast, the prices of gold remained unchanged at $2,000 in the international market.
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The rates of silver also recorded an increase in the domestic market, despite unchanged rates in international markets. The rate of silver 24 karat per Tola increased by Rs40 to Rs2,570, while the rate of silver 24 karat per 10 grams increased by Rs33.36 to Rs2,203.36. The price of silver remained unchanged at $25.05 in international markets.
The rise in gold prices in Pakistan can be attributed to the demand from investors, who view gold as a safe-haven asset amid uncertainty and volatility in the economy. Moreover, the fluctuation in the Pakistani rupee against the US dollar may also have contributed to the increase in gold prices.
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It is worth noting that gold and silver rates in the domestic market are largely determined by the demand and supply dynamics within Pakistan. Therefore, despite unchanged rates in the international market, domestic rates may differ due to local market conditions. The surge in gold and silver prices in Pakistan suggests that investors remain cautious about the economic outlook and are seeking safe investment options to hedge their portfolios.
