Gold price in Pakistan increases despite fall in international rates

The per tola price of gold in Pakistan jumped to Rs216,000 on Wednesday despite fall in the international rates.

The price of gold (24 carats) rose by Rs1,800 per tola and Rs1,543 per 10 grams to settle at Rs216,000 and Rs185,185, respectively, according to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

Meanwhile, the price of the yellow metal also fell by $16 to settle at $1,906 per ounce in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy this precious commodity in such times as a safe investment and a hedge.

In the last week ended on June 24, the price of the bullion continued a downward slide for seven consecutive sessions.

Data shared by the association showed the price of silver managed to remain unchanged at Rs2,550 per tola and Rs2186.21 per 10 grams, respectively.

It also mentioned that the price of the bullion is Rs3,000 per tola “undercost” in Pakistan as compared to the Dubai market.