Pakistan Gold Prices Soar by Rs5,700 Amid Global Bullion Surge
Gold prices in Pakistan surged by Rs5,700 per tola on Saturday, reaching a new high of Rs482,936. The increase follows a sharp rise in international bullion prices, which rose by USD 57 to close at USD 4,604 per ounce.
The domestic market has seen a significant jump in gold prices over the past three days, with a total gain of Rs18,900 per tola. On Thursday, prices increased by Rs13,700, followed by a rise of Rs5,200 on Friday and another Rs5,200 on Saturday.
The All Pakistan Sarafa Gems and Jewellers Association announced that the price of gold had risen to Rs482,936 per tola and Rs414,039 for 10 grams. The association also noted that silver prices remained steady at USD 69 per ounce, with domestic rates unchanged at Rs7,379 per tola and Rs6,326 per 10 grams.
The president of the All Pakistan Sarafa Gems and Jewellers Association, Muhammad Qasim Shikarpuri, warned manufacturers of counterfeit silver bars that the government would launch an anti-counterfeiting operation across the country. Shikarpuri stated that offenders would face legal action, fines ranging from Rs50 million to Rs100 million, and confiscation of the counterfeit bars.