- The yellow metal strengthened by Rs 1,600 per tola.
- Silver prices remained unchanged in the local market.
- There is a marginal benefit in international gold rates.
Karachi: Gold prices in Pakistan started the week on a positive note as international rates also saw a marginal rise on Monday.
According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 karat) rose by Rs 1,600 per tola and Rs 1,371 per 10 grams to close at Rs 214,800 and Rs 184,156, respectively. ,
Meanwhile, the yellow metal traded higher by $2 to close at $1,957 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.
Meanwhile, the local currency depreciated 0.60% against the greenback at the interbank market today, according to data shared by the State Bank of Pakistan (SBP).
The rupee closed at Rs 279.26 against the dollar.