Gold price goes up by 4.77 % in local markets

Karachi: Gold price in Pakistan went up by a whopping 4.77% as investors' attention once again diverted towards the precious commodity considered as an inflation hedge after a historic decline of the local currency.

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) confirmed the increase in the price, saying that the price of gold (24 carats) went up by Rs9,400 per tola and Rs8,058 per 10 grams to settle at Rs206,500 and Rs177,040, respectively.

The yellow metal witnessed increase after the rupee plunged by nearly Rs19, or 6.66%, against the US dollar to close at 285.09 against the dollar in the interbank market.

As compared to Dubai market, the price of gold is Rs3,000 per tola “undercost” in Pakistan, indicating that the Pakistani gold market was currently cheaper than the global market.