Gold price in Pakistan records whopping increase
The price of gold (24 carats) increased by Rs2,900 to Rs236,400 per tola, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The price of 10-gram gold had decreased by Rs2,481 to Rs220,675.
The price of gold increased by $21 to $1,938 per ounce on the global market.
Even if gold prices only increased by $1 on Monday on the international market, they decreased in Pakistan.
A tola of 24-carat gold fell by Rs 1,500 to Rs 233,000, while a gram fell by Rs 1,286 to Rs 99,760. The price of gold increased by $1 on the global market, closing the day at $1,915 for an ounce.
Related: The price of gold in Pakistan keeps falling
Due to ongoing political and economic unrest, considerable inflation, and other factors, the price of gold has fluctuated recently in Pakistan.
Reuters reports that earlier this month, gold prices remained close to three-week lows as positive US private payrolls data suggested the economy may avoid a recession. This increased the likelihood that monetary policy would continue to tighten, which increased the value of the dollar and Treasury rates.Spot gold was trading at $1,936.07 per ounce by 0741 GMT, its lowest price since July 11. American gold futures decreased 0.2% to $1,971.90.
he price of gold (24 carats) dropped by Rs1,500 per tola to settle at Rs233,000 while the 10-gram gold price was declined by Rs1,286 to settle at Rs99,760. In the international market, the gold price witnessed a nominal hike of $1 to settle at $1,915 per ounce.
The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation.
Earlier in the month, gold prices held near three-week lows after strong US private payrolls data suggested the economy could avoid a recession, fuelling bets of more monetary policy tightening and, in turn, boosting the dollar and Treasury yields, according to Reuters.
