Gold jumps by Rs5,700 amid global surge

Gold prices in Pakistan climbed again on Saturday, with the All Pakistan Sarafa Gems and Jewellers Association setting the rate at Rs482,936 per tola, up Rs5,700. Ten grams now cost Rs414,039, a gain of Rs4,972. Business Recorder linked the local move to a sharp jump in global bullion, where gold added USD 57, reaching USD 4,604 an ounce.

Prices have risen Rs18,900 per tola over three sessions, with increases of Rs13,700 on Thursday, Rs5,200 on Friday and Rs5,700 on Saturday. Silver held steady abroad at USD 69 per ounce, so local silver stayed at Rs7,379 per tola and Rs6,326 per 10 grams. Open market rates can differ from announced figures because they track interbank exchange rates.

The Federal Investigation Agency raided a Karachi factory accused of producing fake silver bars and detained a trader in Saddar. Business Recorder said the raid recovered counterfeit dies and bars bearing the KSR, BMW, KBE and PSL names. Association president Muhammad Qasim Shikarpuri warned counterfeit makers that nationwide action would follow, with offenders facing legal proceedings, fines of Rs50 million to Rs100 million and seizure of fake bars.