Gold Prices Surge in Pakistan for Third Consecutive Day

Gold prices in Pakistan have surged for the third consecutive day, settling at Rs. 214,800 per tola on Wednesday. This increase marks a notable rise in the value of gold.

Data from the All-Pakistan Gems and Jewellers Association (APGJA) reveals that the price of gold, specifically 24 carats, has escalated by Rs. 2,000 per tola, reaching the aforementioned figure. Moreover, the price of 10 grams of gold has seen a significant uptick of Rs. 1,714, now standing at Rs. 184,156.

This recent surge follows a pattern of consistent increases. On Monday, the price per tola witnessed a rise of Rs. 800, followed by another increase of Rs. 1,000 on Tuesday. Today’s increase adds up to a cumulative rise of Rs. 3,800 in just three days, highlighting the rapid escalation in gold prices.

Internationally, the value of gold has also experienced an upward trend. Spot gold reached a one-week high, climbing by 0.5 percent to $1,971.60 per ounce as of 1037 GMT. Similarly, US gold futures rose by 0.5 percent to $1,976.10, indicating a positive trend in the global gold market.

These consecutive increases in gold prices both domestically and internationally suggest a heightened demand or other market factors influencing the precious metal’s value.