Gold prices in Pakistan rebound as rupee weakens ahead of budget

Karachi: The price of gold in Pakistan rebounded after a five-day decline, driven by a slight depreciation of the rupee against the dollar and anticipation surrounding the upcoming budget for the fiscal year 2023-24.

As per the latest data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold increased by Rs2,300 per tola and Rs1,972 per 10 grams, reaching Rs229,300 and Rs196,588, respectively.

Simultaneously, the international market witnessed a $19 surge in the price of gold, with the precious metal closing at $1,965 per ounce.

The domestic gold market experienced a downward trend throughout the week. The fluctuating gold rates in Pakistan can be attributed to ongoing political and economic uncertainties, high inflation, and currency devaluation. Many individuals view gold as a safe investment and a hedge during such times.

The APSGJA also reported a Rs50 increase in the price of silver per tola and a Rs42.86 increase per 10 grams, settling at Rs2,650 and Rs2,271.94, respectively.

Furthermore, the rupee witnessed a slight decline of Rs0.12 or 0.04% against the US dollar in the interbank market, concluding at Rs286.93 on Friday.