Gold rate in Pakistan staged a dramatic recovery on Thursday, with the price of 24-karat gold surging by Rs13,700 per tola and crossing the Rs471,000 mark after a sharp decline in the previous session.
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According to rates certified by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold increased from Rs458,236 to Rs471,936 per tola.
The massive one-day gain more than erased Wednesday’s Rs3,700 decline, highlighting the heightened volatility currently being witnessed in the precious metals market.
The price of 24-karat gold per 10 grams increased by Rs11,746 to reach Rs404,609. Meanwhile, 22-karat gold rose by Rs10,768, reaching Rs370,905 per 10 grams.
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The broad-based gains across different gold categories reflected strong buying interest following the sharp movement in international gold prices.
The international price of gold rose by $137 per ounce to $4,495, providing a strong upward trigger for local bullion prices.
The latest surge has pushed domestic gold prices close to the Rs472,000 per tola level.
Gold has now recovered nearly all of its recent losses and remains substantially above the multi-year lows of below Rs421,000 recorded in July.
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From those July lows, the precious metal has gained approximately Rs50,000 per tola, underscoring the scale of the recent recovery.
The latest rates are based on 999 purity (24-karat gold) and interbank exchange rates, according to the All Pakistan Sarafa Gems and Jewellers Association.
