Gold Rates in Pakistan take a massive jump after week of decline
Following more than a week of consistent and substantial losses, the price of gold in Pakistan witnessed a notable upswing on Tuesday. Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealed that 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 substantial weekly decline ever, plummeting by Rs. 27,800 per tola. Adding to this gloomy 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 market rate of the US Dollar. Since September 4th, the open market rate had seen a remarkable recovery, appreciating by roughly Rs. 40 against the greenback. Despite the US Dollar slipping below 300 in the interbank market on Tuesday and losing ground in the open market, gold prices managed to rise.
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 0.6 percent drop to $1,934.90. This fluctuation in international gold prices added another layer of complexity to the dynamics of the precious metal market, reflecting the intricate interplay between domestic and global economic factors influencing gold's value