KARI: A powerful wave of buying swept through Pakistan’s bullion market on Friday as domestic gold prices recorded a staggering single-day jump, mirroring a significant rally in the international market. The sharp increase marks the second consecutive day of major gains for the precious metal.
According to data released by the All Pakistan Gems and Jewellers Association, the price of gold per tola soared by 12,200 Pakistani rupees, settling at a new level of 440,936 rupees. The surge also impacted smaller denominations, with the price of 10 grams climbing by 10,459 rupees to reach 378,031 rupees.
International Market Fuels the Rally
The domestic price explosion was directly fueled by bullish sentiment in the global market. The association reported that the international rate of gold experienced a massive upswing, gaining $122 to trade at $4,185 per ounce. This external shock instantly transmitted into the local pricing mechanism, triggering the historic daily increase.
This latest spike builds upon a substantial gain recorded just a day earlier, when the price per tola had already risen by 9,100 rupees. The combined effect of the two-day rally has resulted in a staggering cumulative increase of 21,300 rupees per tola, putting significant pressure on jewelry buyers and investors alike.
Market Momentum Continues
The back-to-back price hikes underscore the volatile nature of the bullion market, where local rates are highly sensitive to international trends. The current trajectory suggests that gold is solidifying its status as a safe-haven asset amidst fluctuating global economic indicators. Market analysts are closely watching the $4,185 threshold to see if the rally will sustain or trigger a wave of profit-taking in the coming sessions.
