The price of gold in Pakistan has increased significantly, after which the rate per tola crossed Rs 440,000. With the increase in the price in the global market, gold has also become expensive in the local bullion market. This change may further increase the expenses of consumers buying jewelry.
According to the All Pakistan Gems and Jewelers Bullion Association, the price of gold per tola on Friday increased by Rs 2,800 to Rs 440,636. Similarly, 10 grams of gold has become more expensive by Rs 2,401 to Rs 377,774.
The impact of this increase in prices may be more on those consumers who plan to buy gold jewelry for weddings, family celebrations or other needs. To buy jewelry at current rates, it is important to consider not only the base price of gold but also wages and other costs.
The price of gold also saw an increase in the global market. The international rate increased by $28 to $4,181 per ounce. Changes in global prices are among the main factors affecting the local market. In addition, the exchange rate of the rupee and the dollar and the conditions in the local bullion market also affect gold prices in Pakistan.
The recent movement of gold in the global market is also important. According to Reuters, on October 14, after the US inflation data, the price of gold came under pressure due to the strengthening of the dollar and concerns about an increase in interest rates. However, on October 15, the global price of gold rose again amid the weakness of the dollar and the decline in US bond yields. These factors show that the price of gold is affected not only by local demand but also by global financial conditions.
It is important for consumers to check the latest rates from the bullion market before making a purchase, as the total cost of jewellery may vary from store to store as prices change.
