Gold shines in Pakistan due to slight increase in price

A symbolic image of gold ornaments.  Reuters/File
A symbolic image of gold ornaments. Reuters/File
  • Gold price increased by Rs 800 per tola.
  • Silver prices remained unchanged in the local market.
  • Gold lost Rs 200 in the previous session.

Karachi: Gold prices in Pakistan rose marginally on Monday as the week started in line with the rupee’s devaluation against the dollar.

According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 carat) rose by Rs 800 per tola and Rs 686 per 10 grams to close at Rs 209,000 and Rs 179,184, respectively.

Meanwhile, the yellow metal remained unchanged at $1,925 an ounce in the international market today.

The gold rate has been volatile recently amid ongoing political and economic uncertainty and high inflation in Pakistan. People like to buy this precious item in such times as a safe investment and hedge.

Silver also remained flat at Rs 2,480 per tola and Rs 2,26.20 per 10 grams, data shared by the association showed.

In the last session on Saturday, the prices of the yellow metal fell by Rs 200 per tola.

Meanwhile, the local currency depreciated by a minimal 0.68% against the greenback at the interbank market today, according to data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs 279.80 against the dollar.

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