Gold prices rebound in Pakistan after six-day dip

After enduring a downward trajectory for six consecutive sessions, the gold market in Pakistan witnessed a robust resurgence on Monday, closely mirroring the uptick in international rates.

Amidst this rally, the local gold price surged by Rs2,500 per tola, reaching an impressive milestone of Rs240,500.

According to data furnished by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gram gold bar was traded at Rs206,190, marking a significant increase of Rs2,143 compared to previous figures.

This bullish trend comes on the heels of a recent dip in gold prices, where on Saturday, the precious metal experienced a decline of Rs1,600 per tola. However, buoyed by international developments, the market dynamics swiftly reversed course.

The global gold rate exhibited a notable uptick, reaching $2,322 per ounce, inclusive of a $20 premium, after a daily gain of $21, as reported by APGJSA.

Silver rates

In contrast, silver prices remained steady at Rs2,620 per tola, reflecting a relative stability amidst the fluctuating precious metal market.

The resurgence in gold prices comes after a series of setbacks, wherein the yellow metal shed Rs7,000 per tola over the course of six consecutive trading sessions. Notably, just last month, gold achieved a historic pinnacle in the local market, soaring to an unprecedented high of Rs252,200 per tola.