Gold price in Pakistan snaps five-day losing streak
Price of gold (24 carats) gains Rs2,300 per tola and Rs1,972 per 10 grams
June 09, 2023
- Gold price rises by $19 per ounce in international market.
- Gold gains Rs2,300 per tola to settle at Rs229,300.
- Price of silver climbs by R50 to settle at Rs2,650 per tola.
KARACHI: The gold price in Pakistan gained after a five-day decline following a minor decrease in the rupee against the dollar and ahead of the budget for the fiscal year 2023-24.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs2,300 per tola and Rs1,972 per 10 grams to settle at Rs229,300 and Rs196,588 respectively.
Meanwhile, the price of gold increased by $19 in the international market to close settle at $1,965 per ounce.
The value of gold fell throughout the week in domestic markets.
The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.
Data shared by the association showed the price of silver increased by Rs50 per tola and Rs42.86 per 10 grams to settle at Rs2,650 and Rs2,271.94, respectively.
Meanwhile, the local currency lost Rs0.12 or 0.04% against the greenback and closed at Rs286.93 in the interbank market on Friday.
