KARACHI: Gold prices continued their upward trend on Saturday, gaining another Rs5,700 per tola and reaching Rs482,936, as the local market followed the sharp rise in international bullion prices, traders said.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold rose to Rs482,936 per tola from the previous session, while the price of 10 grams increased by Rs4,972 to Rs414,039.
In the international market, gold bullion prices rose by USD 57 to close at USD 4,604 per ounce. Silver remained steady at USD 69 per ounce, the association said.
Following the stability in international silver prices, domestic silver rates also remained unchanged at Rs7,379 per tola and Rs6,326 per 10 grams.
Over the past three days, gold prices in the domestic bullion market have surged by Rs18,900 per tola. The price increased by Rs13,700 on Thursday, Rs5,200 on Friday and another Rs5,700 on Saturday, taking the rate to Rs482,936 per tola.
The open market, however, may trade gold and silver at prices different from those announced by the association, as its rates are linked to interbank exchange rates.
Meanwhile, Muhammad Qasim Shikarpuri, president of the All Pakistan Sarafa Gems and Jewellers Association, warned manufacturers of counterfeit silver bars that the government would launch an anti-counterfeiting operation across the country.
His warning came after the Federal Investigation Agency (FIA) raided a factory in Karachi allegedly involved in making fake silver bars and arrested a trader in the city’s downtown Saddar market.
The raid reportedly led to the recovery of counterfeit dies and fake bars carrying the names of major Pakistani brands, including KSR, BMW, KBE and PSL.
Qasim Shikarpuri said manufacturers of counterfeit bars had repeatedly been warned against producing fake products and should now prepare for action. He said operations would be conducted across Pakistan against those involved in manufacturing counterfeit silver bars.
He added that offenders would face legal action, fines ranging from Rs50 million to Rs100 million, and confiscation of the counterfeit bars.
Copyright Business Recorder, 2026
Comments