Gold rebounds sharply after five-day slide

Gold prices in Pakistan rose sharply on Friday after declining for five consecutive days, with the price of a tola increasing by Rs4, 700. According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold rose to Rs453, 036 per tola. The price of 10-gram gold increased by Rs4, 029 to Rs388, 404. The increase followed a rise in international gold prices, which climbed by $47 to $4, 305 per ounce. Silver prices also increased, with the price per tola rising by Rs126 to Rs6, 963. The latest increase came after a cumulative decline of Rs12, 000 per tola over the previous five trading days. The price of 10-gram gold had fallen by Rs10, 287 during the same period. On Thursday, September 24, the price of gold fell by Rs5, 600 per tola to Rs448, 336, while the price of 10-gram gold declined by Rs4, 800 to Rs384, 175. On September 23, gold had fallen by Rs1, 800 per tola to Rs453, 936, while the price of 10-gram gold dropped by Rs1, 544 to Rs389, 176. On September 22, the price of gold declined by Rs1, 800 per tola to Rs455, 736, while 10-gram gold fell by Rs1, 543 to Rs390, 720. On September 21, gold prices fell by Rs2, 700 per tola to Rs457, 536, while 10-gram gold declined by Rs2, 315 to Rs392, 263. The price had also edged down by Rs100 per tola on September 19 to Rs460, 236, while 10-gram gold fell by Rs85 to Rs394, 578. Pakistan’s gold pricing mechanism was previously revised, with the local rate set at $20 per ounce above the international market rate.

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