Gold prices in Pakistan experienced a significant surge, rising by PKR 2,000 per tola, reaching PKR 214,800 per tola for 24-karat gold, as reported by the All Pakistan Gems and Jewellers Association (APGJA). The 10-gramme price of 24-karat gold settled at PKR 184,156 after a PKR 1,714 increase. Similarly, the 10-gramme price of 22-karat gold reached PKR 168,810. The international market also witnessed a rise in gold prices, reaching USD 1,988 per ounce.
The variation in gold prices corresponds to the volatility in the local market, where the dollar exchange rate and the Pakistan Stock Exchange are both changing. The benchmark KSE 100 index reached a new high of 56,000 points.
In parallel, short-term inflation in Pakistan increased by 29.88% year on year in the week ending November 2, owing to rising costs of household goods. The Sensitive Price Index increased by 0.71% week on week. The interim administration chose to keep fuel and high-speed diesel rates unchanged for the next two weeks, despite the Oil and Gas Regulatory Authority’s (Ogra) recommendation for a large cut. Twelve goods in the SPI basket saw price rises, 14 saw price cuts, and 25 stayed stable. Petrol, cigarettes and chilli powder were among the commodities with the largest price increases compared to the same period last year.
