Gold prices rise in Pakistan despite int’l rate drop

Karachi: The price of gold in Pakistan on Wednesday experienced an increase, defying the downward trend in international rates.

The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) shared the data, showing that the price of 24-carat gold rose by Rs1,800 per tola and Rs1,543 per 10 grams, settling at Rs216,000 and Rs185,185, respectively.

Conversely, the international market saw a decline in the price of gold by $16, with it settling at $1,906 per ounce.

In the previous week, spanning until June 24, the price of gold experienced a continuous downward trend for seven consecutive sessions. The association noted that the price of gold in Pakistan is Rs3,000 per tola lower compared to the Dubai market, highlighting a potential cost advantage for buyers.

Gold rates in Pakistan have displayed volatility recently, primarily due to ongoing political and economic uncertainties and high inflation. Many individuals view gold as a safe investment and a hedge during such times.

The data shared by the association showed that the price of silver remained unchanged at Rs2,550 per tola and Rs2186.21 per 10 grams.