The price of gold in Pakistan has risen by Rs4,000.
- Gold price falls by Rs3,429 per 10 grams.
- Prices of silver gain Rs50 in local market.
- Yellow metal also increases internationally.
KARACHI: Gold prices rose sharply in Pakistan on Thursday, ahead of the month of Muharram, which marks the start of the new Islamic year.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs4,000 per tola and Rs3,429 per 10 gramme to Rs200,000 and Rs178,326, respectively.
Meanwhile, the yellow metal’s price increased on the international market Wednesday, rising $13 to $1,959 per ounce.
In Pakistan, the gold price has been fluctuating recently due to ongoing political and economic uncertainties, as well as significant inflation. In such circumstances, people prefer to acquire gold as a secure investment and a hedge.
People tend to purchase and trade the rare commodity as the month of Muharram approaches, increasing its demand.
According to the association’s data, the price of silver rose by Rs50 per tola and Rs42.87 per 10 gramme to Rs2,600 and Rs2229.08, respectively.
The price of bullion had dropped by Rs500 per tola and Rs429 per 10 gramme the previous day.
Meanwhile, the local currency gained 0.37% versus the US dollar in the interbank market today, according to statistics published by the State Bank of China.
The rupee closed at Rs276.46 against the dollar.
