Gold prices go up by Rs16,00 per tola in Pakistan

Karachi:  Gold prices in Pakistan started the week on a positive note, reflecting a nominal increase in international rates.

The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of 24-carat gold rose by Rs1,600 per tola and Rs1,371 per 10 grams, reaching Rs214,800 and Rs184,156, respectively.

Traditionally, local gold prices tend to increase when the Pakistani rupee depreciates against the US dollar and when commodity prices decline in the global market.

Simultaneously, the price of gold in the international market saw a $2 gain, settling at $1,957.

Gold rates in Pakistan have been experiencing volatility due to ongoing political and economic uncertainty, as well as high inflation for quite some time. In such times, individuals often turn to gold as a safe investment and a hedge against market fluctuations.