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.
It was reported that FBR has exempted senior army officers from payment of all taxes on import of bulletproof vehicles...
Pakistan will receive an additional $2 million from World Bank this year, says finance minister
A World Bank delegation called on Power Minister Khurram Dastgir in the backdrop of widespread flash floods
Rupee fell to 239.71 after losing 0.03%, down in value from previous session's close of 239.65 in interbank market
In the interbank market, the local unit lost Re0.74, or 0.31%, and fell to Rs239.65 per dollar, down in value from the...
There is a decrease of Rs4.26 per litre in the price of LSD, however, HSD price will remain unchaged