Gold price rises in Pakistan by Rs500 per tola

Karachi: Owing to the international market, the gold price has increased in Pakistan on Wednesday.

The price of the precious metal rose by Rs500 per tola and Rs429 per 10 grams to settle at Rs127,150 and Rs109,011, respectively.

Gold dealers said that due to a lack of purchasing power, there is no demand in the local market.

In the international market, gold recorded a slight increase of $7 per ounce to settle at $1,845 as investors sought the safety of bullion amid the Ukraine-Russia crisis, with strength in the US dollar weighing on the metal ahead of an imminent rate hike by the US Federal Reserve.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,470 per tola and Rs1,260.28 per 10 grams today.