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Gold Rates in Pakistan surge by Rs 500 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association.
The All Pakistan Sarafa Gems and Jewellers Association (APGJSA) stated that this price hike follows global trends, where the 24-karat gold rate has also surged and settling at Rs359,500.
In the local market, the price for 10 grams of 24-karat gold increased by Rs 429, settling at Rs 308,213.
Internationally, gold is priced at $3,368 per ounce, showing a hike of $5 during the same period, according to data from APGJSA.
Meanwhile, silver prices remained same by Rs 3,953 per tola. Similarly, the price of 10 grams of silver is now selling at Rs 3,389.
Gold prices in Pakistan experienced a rollercoaster trend during the week starting Monday, July 28, according to the All Pakistan Sarafa Gems and Jewellers Association (APGJSA).
On Monday, gold prices slightly dropped by Rs 100 per tola, settling at Rs356,300. On Tuesday, a bigger fall of Rs 1,600 brought the rate down to Rs354,700 per tola. The drop continued to reflect the downward movement in international markets, where gold dropped to $3,320 per ounce.
Wednesday brought a brief recovery with a Rs 300 increase, pushing the price to Rs355,000 per tola. However, the rebound was short-lived as Thursday saw a major drop of Rs 2,000, bringing gold down to Rs353,000 per tola. On Friday, gold declined again by Rs 100 to settle at Rs352,900.
Overall, gold rates dropped by Rs 3,400 per tola over the week. The price of 10 grams of 24-karat gold followed a similar pattern, closing the week at Rs302,555 after seeing multiple daily fluctuations.
