Gold rates in Pakistan increase for second time

KARACHI: The prices of gold in Pakistan continued their upward trend for the second consecutive session on Saturday as the international rates also increased on a weaker dollar.

The price of gold (24 carats) appreciated by Rs1,300 per tola and Rs1,115 per 10 grams to settle at Rs222,800 and Rs191,016, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal increased by $10 to settle at $1,942 per ounce in the international market today.

In the international market, the prices of the bullion rose on a depreciating dollar and Treasury yields in line with the weaker-than-expected US jobs report. 

The data pushed the dollar down by 0.5% against other currencies which lead the yellow metal — which is highly affected by rising US interest rates — to become less expensive for other currency holders.

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