KARACHI: Gold Prices in Pakistan saw a gain of Rs5,700 per tola and settled at Rs482,936 per tola on Saturday amid a surge in global bullion prices, according to reports by local dealers. It marks yet another impressive performance from the yellow metal which continues its rally across numerous consecutive trading days.
Gold Price Climb Across the Board
According to data provided by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold in Pakistan rose to Rs482,936 per tola from the previous session, with 10 grams increasing by Rs4,972 to Rs414,039. Such uniformity in changes in prices suggests a general increase and not an isolated increase in only one pricing measure.
The international price of gold bullion gained $57 to reach $4,604 per ounce, giving the impetus for the current gold price in Pakistan. Silver, however, maintained its price level at $69 per ounce on the international front, indicating a divergent trend in comparison to gold in the specific period under consideration.
Silver prices maintained their levels amid stability observed in international silver markets, remaining stable at Rs7,379 per tola and Rs6,326 per 10 grams. Silver prices showed stability despite an unexpected rally recorded in gold prices by Pakistan-based bullion dealers. In fact, gold prices surged amid robust global demand. In contrast to silver, the gold price in Pakistan rose by Rs135 per tola and Rs114 per 10 grams.
Gold prices registered gains worth Rs18,900 per tola in Pakistan within three consecutive trading sessions over the last three days, indicating a substantial rise in domestic bullion rates. According to figures provided by leading gold dealers in Karachi and Lahore, gold prices rose by Rs13,700 on Thursday, Rs5,200 on Friday, and further increased by Rs5,700 on Saturday, reaching an overall price level of Rs482,936 per tola.
The association observed that gold and silver may be traded within the open market at prices that differ from what is officially announced by the association because the exchange rate continues to be pegged to interbank exchange rates. Any buyer or seller transacting business in the open market needs to bear in mind that there could be slight differences between actual trading prices and quoted prices by the association.
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On another note, President Muhammad Qasim Shikarpuri of All Pakistan Sarafa Gems and Jewellers Association issued a stern warning to manufacturers engaged in manufacturing fake silver ingots, saying that the government will conduct an anti-counterfeiting drive throughout the country.
His warning came after a raid carried out by the Federal Investigation Agency (FIA) against the alleged manufacturer of counterfeit silver ingots at his factory located in Karachi, resulting in the arrest of a trader operating in Saddar commercial area of Karachi.
According to reports, the operation resulted in the seizure of forged dies and imitation silver bars bearing the logos of popular Pakistani brands such as KSR, BMW, KBE, and PSL, indicating that the counterfeiters had been reproducing recognizable brand names. Such an act was likely to confuse customers into believing that they were buying genuine silver items.
Qasim Shikarpuri stated that the producers of counterfeit bars have been warned on multiple occasions against making fake products and that now, they will take enforcement measures against them. According to him, they will conduct raids across Pakistan against anyone engaged in the production of counterfeit silver bars and that any violator will be prosecuted under the law and fined up to Rs50 million to Rs100 million. The operation will involve seizing counterfeit bars from their possession.