Following more than a week of consistent and substantial losses, the priceof gold in Pakistan witnessed a notable upswing on Tuesday. Data releasedby the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealedthat the cost of 24-carat gold surged by Rs. 5,600 per tola, reaching Rs.215,000, and the price of 10 grams experienced a significant leap of Rs.5,058, closing at Rs. 184,585.
In the preceding week, the precious metal had endured its most substantialweekly decline ever, plummeting by Rs. 27,800 per tola. Adding to thisgloomy trend, the price of gold further dipped by Rs. 2,600 per tola,sliding below the Rs. 210,000 per tola threshold.
This downturn in gold prices coincided with the drop in the open marketrate of the US Dollar. Since September 4th, the open market rate had seen aremarkable recovery, appreciating by roughly Rs. 40 against the greenback.Despite the US Dollar slipping below 300 in the interbank market on Tuesdayand losing ground in the open market, gold prices managed to rise.
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Meanwhile, on the global stage, spot gold saw a 0.5 percent decrease to$1,911.70 per ounce at 1133 GMT, and US gold futures experienced a 0.6percent drop to $1,934.90. This fluctuation in international gold pricesadded another layer of complexity to the dynamics of the precious metalmarket, reflecting the intricate interplay between domestic and globaleconomic factors influencing gold’s value
