Gold prices in Pakistan register huge rise due to fall in rupee

An updated image of gold jewelery displayed at a shop.  - AFP/File
An updated image of gold jewelery displayed at a shop. – AFP/File
  • The yellow metal strengthened by Rs 6,200 per tola.
  • Silver prices remained unchanged in the local market.
  • Internationally, gold prices increased by $10.

KARACHI: Gold prices in Pakistan rose on Tuesday in line with the depreciation of the rupee against the US dollar and rise in international rates of bullion.

According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 carat) rose by Rs 6,200 per tola and Rs 5,316 per 10 grams to reach Rs 221,000 and Rs 189,472, respectively. ,

Meanwhile, the yellow metal traded higher by $10 to close at $1,967 in the international market today.

Gold rates have been volatile recently amid ongoing political and economic uncertainty and high inflation in Pakistan. People like to buy gold in such times as a safe investment and a hedge.

As per the market practice, local gold prices usually rise on depreciating rupee against the US dollar and declining commodity prices in the international market.

In addition, people buy and sell precious items ahead of the month of Muharram – which marks the beginning of the new Islamic year, which ultimately increases the demand for the yellow metal.

Data shared by the association showed that silver remained unchanged at Rs 2,650 per tola and Rs 2,271.94 per 10 grams.

A day earlier, the prices of the yellow metal had increased by Rs 1,600 per tola and Rs 1,371 per 10 grams, respectively.

Meanwhile, the local currency depreciated by 1.34% against the greenback at the interbank market today, according to data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs 283.04 against the dollar.

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