Pakistan's Gold Market Extends Winning Streak for Eighth Consecutive Session
Gold prices in Pakistan have surged by Rs4,200 per tola for the eighth consecutive session, driven by strong gains in international bullion markets. The price of 24-karat gold rose to Rs463,936 per tola on Wednesday, up from Rs459,736 in the previous day's closing price.
The cumulative gain in gold prices over the past eight sessions has reached Rs36,000, with a notable increase of more than 8% since August 4. The sharp rise in domestic bullion prices is attributed to stronger demand for gold in international markets following an easing in tensions in the Middle East.
Bullion market experts point out that international gold prices jumped $42 per ounce to $4,415 on Wednesday, compared with the previous close of $4,373. This renewed appetite for the precious metal has provided further momentum to Pakistan's local market.