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Saturday April 20, 2024

Gold price in Pakistan registers gains as local currency falls

Rupee closes at Rs287.92 against dollar in interbank market

By Business Desk
July 24, 2023
A sales assistant arranges gold bangles in a jewellery shop. — AFP/File
A sales assistant arranges gold bangles in a jewellery shop. — AFP/File

Gold price in Pakistan on Monday witnessed an increase of more than Rs2,000 per tola as the local currency fell to Rs287.92 against the US dollar.

According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs2,800 per tola and Rs2,143 per 10 grams to settle at Rs225,300 and Rs193,198, respectively.

Meanwhile, the price of the yellow metal increased by $3 to settle at $1,965 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.

Data shared by the association showed the price of silver remained unchanged at Rs2,750 per tola and Rs2,357.68 per 10 grams, respectively.

Meanwhile, the local currency also fell by 0.39% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs287.92 against the dollar.