Business
Gold prices go up by Rs6,200 per tola in Pakistan
The yellow metal’s prices have increased after fall of the local currency against the US dollar in the local market and surge in the international bullion rates.
Karachi: The Gold prices in Pakistan witnessed an increase after depreciation of the local currency against the US dollar and a surge in international bullion rates on Tuesday.
The Data shared by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of 24-carat gold surged by Rs6,200 per tola, reaching Rs221,000, while the price for 10 grams rose by Rs5,316, settling at Rs189,472.
The gold rate in Pakistan has been subject to volatility recently, mainly due to ongoing political and economic uncertainty, along with high inflation rates. During such periods of instability, individuals often prefer to invest in gold as a safe haven and a hedge against economic uncertainties.
Market experts note that local gold prices tend to increase when the rupee weakens against the US dollar and international commodity prices decline, adhering to market practices.
Simultaneously, the price of gold in the international market also experienced a rise of $10, reaching $1,967.