Gold shines in Pakistan, price rises by Rs 4,000

A jeweler displays gold bangles at his shop in Istanbul, Turkey.  Reuters/File
A jeweler displays gold bangles at his shop in Istanbul, Turkey. Reuters/File
  • The price of gold declined by Rs 3,429 per 10 grams.
  • Silver prices rise by Rs 50 in the local market.
  • There is a boom in the yellow metal at the international level as well.

Karachi: Gold prices in Pakistan saw a big gain on Thursday ahead of Muharram month, which marks the beginning of the new Islamic year.

According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 carat) rose by Rs 4,000 per tola and Rs 3,429 per 10 grams to reach Rs 200,000 and Rs 178,326, respectively. ,

Meanwhile, the yellow metal also saw a spurt in the international market today and closed up by $13 at $1,959 an ounce.

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 the month of Muharram approaches, people start buying and selling valuables, which increases their demand.

Data shared by the association showed that silver prices rose by Rs 50 per tola and Rs 42.87 per 10 grams to close at Rs 2,600 and Rs 2229.08, respectively.

A day earlier, the price of bullion had fallen by Rs 500 per tola and by Rs 429 per 10 grams.

Meanwhile, the local currency gained a minimum of 0.37% against the greenback at the interbank market today, according to data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs 276.46 against the dollar.

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