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Friday July 19, 2024

Gold prices in Pakistan increase by over Rs1,000 per tola

Price of the yellow metal falls by $4 to settle at $1,932 per ounce in international market today

By Web Desk
August 04, 2023
Gold bars are seen in this undated file photo. — AFP
Gold bars are seen in this undated file photo. — AFP

KARACHI: Despite a depreciation in international prices of gold, rates in Pakistan managed to make minute gains on Friday. 

The price of gold (24 carats) appreciated by Rs1,300 per tola and Rs1,115 per 10 grams to settle at Rs221,500 and Rs188,786, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal fell by $4 to settle at $1,932 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 gold in such times as a safe investment and a hedge.

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

Meanwhile, the rupee closed the week on a positive note by appreciating against the dollar today. 

The local currency increased by 0.08% against the greenback. according to the data provided by the State Bank of Pakistan (SBP). It settled at Rs286.97 against the dollar.