Gold prices slightly go up in Pakistan

Karachi: The price of gold in Pakistan witnessed a slight increase on Monday, aligned with the depreciation of the rupee against the dollar.

The data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) rose by Rs800 per tola and Rs686 per 10 grams, settling at Rs209,000 and Rs179,184, respectively.

Meanwhile, the international market saw no change in the price of gold, with it remaining steady at $1,925 per ounce.

Gold prices in Pakistan experienced volatility in recent times due to ongoing political and economic uncertainties, coupled with high inflation. During such periods, people tend to invest in gold as a safe-haven asset and a hedge against inflation.

The association's data also indicated that the price of silver remained unchanged, standing at Rs2,480 per tola and Rs226.20 per 10 grams.

In the previous session on Saturday, gold prices had dropped by Rs200 per tola.

The local currency saw a marginal decline of 0.68% against the US dollar in the interbank market. The State Bank of Pakistan (SBP) reported that the rupee closed at Rs279.80 against the dollar.