Gold continues gaining streak in Pakistan

KARACHI: The price of gold jumped for the third time in Pakistan on Thursday despite the international rates declining following a strong US economy.

The price of gold (24 carats) increased by Rs1,200 per tola and Rs1,029 per 10 grams to settle at Rs225,000 and Rs192,901, respectively, according to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal fell by $5 to settle at $1,900 per ounce in the international market today.

In the international market, the gold rates hovered around a five-month low in line with a strong US economy and chances of an increase in the interest rates once again. 

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

In the last three sessions, the rates of the precious commodity gained Rs3,200 per tola in the local market.

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.