Gold rates see major increase in Pakistan

KARACHI: The rates of gold in Pakistan increased by Rs4,000 on Thursday in line with developments in the international market. 

The price of gold (24 carats) gained Rs4,000 per tola and Rs3,429 per 10 grams to settle at Rs200,000 and Rs178,326, respectively, according to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal also jumped in the international market today as it gained $13 to settle at $1,959 per ounce.

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

As the month of Muharram — which marks the beginning of the new Islamic year — is set to arrive, people tend to buy and sell the precious commodity, increasing its demand.

Data shared by the association showed the price of silver increased by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,600 and Rs2229.08, respectively.

A day earlier, the price of the bullion fell by Rs500 per tola and Rs429 per 10 grams.

Meanwhile, the local currency gained minimally by 0.37% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs276.46 against the dollar.