Gold Bounces Back After October Crash - ProPakistani

Gold prices in Pakistan bounced back on Monday, gaining Rs. 2,400 per tola to reach Rs. 412,136, just two days after a steep fall of Rs. 10,800.

The price of 10 grams of 24-karat gold also rose by Rs. 2,058 to Rs. 353,340, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The local rise followed the international market, where gold went up by $24 to $3,896 per ounce. That is still below the $4,000 mark it had briefly reclaimed last week.

Silver also moved up. The price of silver per tola increased by Rs. 100 to Rs. 5,488.

On Saturday, gold had dropped by Rs. 10,800 to Rs. 409,736 per tola. Monday’s increase recovers less than a quarter of that loss.

The metal has swung sharply in recent weeks.

For buyers, gold is still cheaper than it was last week. One tola now costs Rs. 13,500 less than on October 28, while a 10-gram piece costs about Rs. 11,574 less than the Rs. 364,914 rate of that day.

For a family buying five tolas of jewellery, that works out to a saving of around Rs. 67,500 compared to last Wednesday’s rates, before making charges.

With global prices still below $4,000 and moving sharply day to day, local rates could change quickly again in the coming sessions.

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