KARACHI: The gold price in Pakistan broke its five-day losing streak just ahead of the budget for the fiscal year 2023-24 and in line with a meagre decline in the local currency.
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, according to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
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.
This marks a notable decrease from January’s inflation rate of 2.4%, reflecting a month-on-month drop of 0.9%
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