Gold rates in Pakistan spiked sharply on Friday, reflecting a global upward trend in the precious metal. The price of 24-karat gold per tola rose by Rs3,100, taking it to Rs354,100, as reported by the All Pakistan Sarafa Gems and Jewellers Association. This increase signals renewed interest and market tension in the gold trade.
Significant Gains in Local and Global Markets
The 10-gram rate of 24-karat gold also climbed by Rs2,750, now standing at Rs303,583. These gains mirrored a rally in the international gold market, where prices jumped by $31, reaching $3,326 per ounce from the previous $3,295.
Analysts attribute this surge to growing economic uncertainty and the global shift towards safer investment options. Gold continues to act as a hedge against inflation and currency volatility, particularly in emerging economies like Pakistan.
Read: Budget Talks With IMF Delay Pakistan’s Federal Budget to June 10
Silver Follows Upward Trend
While gold captured headlines, silver also saw a price movement. The increase, though modest compared to gold, reinforced investor sentiment toward precious metals amid global market instability.
Currency Market Reflects Mixed Signals
Meanwhile, the Saudi Riyal (SAR) slightly declined against the Pakistani Rupee (PKR) in the open market. It stood at Rs75.17 on Saturday, with a selling rate of Rs75.72. These figures mark a minor shift but are closely watched due to the large volume of remittances from Saudi Arabia to Pakistan.
Saudi Support Continues
Pakistan’s strong economic ties with Saudi Arabia remain a pillar of financial support. Recently, Saudi Arabia extended a $3 billion deposit for another year, aimed at stabilizing Pakistan’s economy. This move underscores the long-standing alliance between the two countries, bolstered by remittances from millions of Pakistani workers in the kingdom.
Investor Caution Rising
With international gold prices rising and local currency markets shifting, Pakistani investors are showing increased interest in gold as a safe asset. The recent spike may encourage further movement toward precious metals in the short term.
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