KARACHI: Gold prices in Pakistan increased by nearly 4% on Wednesday with the precious metal surpassing the critical threshold of Rs140,000 per tola.
The price of gold soared by Rs5,500 per tola and Rs4,715 per 10 grams to settle at Rs145,400 and Rs124,657, according to data released by All Sindh Sarafa Jewellers Association (ASSJA).
Additionally, Pakistani rupee’s depreciation against the US dollar following a gap of 11 sessions also added to the appeal of gold.
The safe-haven asset cumulatively obtained Rs11,200 per tola in the last two sessions, while recovering losses incurred from August 10 to 15, amounting to Rs9,300 per tola.
It should be noted that the gold price is standing below cost and is cheaper by Rs5,500 per tola compared to its price in Dubai.
In the international market, bullion prices declined by $8 per ounce to settle at $1,769 as investors watched for signs of further policy tightening by the US Federal Reserve
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.
Safe-haven bullion had cumulatively lost Rs1,100 per tola last week
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Safe-haven bullion had lost Rs1,100 per tola cumulatively last week