Gold prices gain as rupee edges lower against dollar

KARACHI: Gold prices in Pakistan saw a nominal gain on Monday as the rupee slightly edged lower against the dollar. 

The price of gold (24 carats) gained Rs800 per tola and Rs686 per 10 grams to settle at Rs209,000 and Rs179,184, respectively, according to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal remained unchanged at $1,925 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.

Data shared by the association showed the price of silver also remained the same at Rs2,480 per tola and Rs2,26.20 per 10 grams.

In the last session on Saturday, the prices of the yellow metal fell by Rs200 per tola.

Meanwhile, the local currency lost minimally by 0.68% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs279.80 against the dollar.