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Sunday April 14, 2024

Gold rate rises to Rs226,400 per tola in Pakistan

Gold prices continue upward trend on Wednesday

By Business Desk
July 19, 2023
A representational image of gold jewellery. — AFP/File
A representational image of gold jewellery. — AFP/File

Gold prices in Pakistan continued upward trend on Wednesday as per tola price increased by Rs5,400 amid slight increase in international rates.

According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs5,400 per tola and Rs4,630 per 10 grams to settle at Rs226,400 and Rs194,102, respectively.

Meanwhile, the price of the yellow metal gained $6 to settle at $1,973 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 gold in such times as a safe investment and a hedge.

According to market practice, local prices of gold usually go up on the rupee's depreciation against the US dollar and declining prices of commodities in the international market.

Moreover, people also tend to buy and sell the precious commodity ahead of the month of Muharram — which marks the beginning of the new Islamic year, eventually increasing the yellow metal's demand.

Data shared by the association showed the price of silver rose by Rs250 per tola to settle at Rs2,900 and Rs2486.28 per 10 grams.

A day earlier, the prices of the yellow metal increased by Rs6,200 per tola and Rs5,336 per 10 grams, respectively.

Meanwhile, the local currency fell by Re0.36 or -0.23% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs283.80 against the dollar.