- Gold per tola increases by Rs 1,800 per tola.
- The yellow metal strengthened by $ 12 in the international market.
- At the interbank level, the rupee closed at Rs 286.81 against the dollar.
Karachi: Gold prices in Pakistan rose on Friday despite a decrease in international rates.
According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 carat) rose by Rs 1,800 per tola and Rs 1,542 per 10 grams to close at Rs 222,900 and Rs 191,100, respectively.
Meanwhile, the yellow metal declined by $12 to close at $1,966 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.
Silver prices also declined marginally and declined by Rs 150 and Rs 128.6 to Rs 2,650 per tola and Rs 2,357.68 per 10 grams, respectively, data shared by the association showed.
The jewelers’ body also said that the local gold price in Pakistan is Rs 4,000 per tola less as compared to the Dubai bullion market.
In the last three sessions – Monday, Tuesday and Wednesday – gold prices rose by Rs 13,200 per tola ahead of Muharram. However, the day before, bullion prices had declined by Rs 5,300 per tola and by Rs 4,544 per 10 grams.
Meanwhile, the local currency also depreciated by 0.58% against the greenback at the interbank market today, according to data shared by the State Bank of Pakistan (SBP).
The rupee closed at Rs 286.81 against the dollar.