Investors waking up this Monday morning are eyeing a dramatically shifted gold market following a massive surge in prices over the weekend.
Following an aggressive upward trend in international markets, domestic gold prices in Pakistan saw an unprecedented single-day jump on Saturday, setting a high bar for the start of the week’s trading.
According to the latest data released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the local market experienced a significant “bull run” as the business week concluded:
24K Gold (Per Tola): Rose by Rs 7,100, settling at a staggering Rs 533,562.
24K Gold (10 Grams): Increased by Rs 6,087, reaching a new rate of Rs 457,443.
Silver (Per Tola): Followed the yellow metal’s lead, climbing by Rs 374 to reach Rs 8,948.
This surge follows a more modest gain on Friday, where the per tola price had increased by Rs 2,500 to close at Rs 526,462.
Global Context
The domestic spike is a direct reflection of volatility in the international bullion market. Globally, gold prices surged by $71, breaking past the psychological barrier to reach $5,108 per ounce. This figure includes a $20 premium, reflecting the high demand and tightening supply on the world stage.
What to Expect Today
As the market opens this Monday, February 23, all eyes are on the 1:00 PM update from the APGJSA.
The All Pakistan Gems and Jewelers Sarafa Association typically releases official daily rates at approximately 1:00 PM (Monday to Saturday). Traders expect today’s opening rates to hold steady at Saturday’s closing levels unless further international shifts occur in the early morning sessions.
