The price of gold in Pakistan has experienced a notable increase for the second consecutive session, following a prolonged period of decline subsequent to the $3 billion deal with the International Monetary Fund (IMF).
Data provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reveals that the price of 24-carat gold rose by Rs1,800 per tola and Rs1,543 per 10 grammes, reaching Rs207,800 and Rs178,155 respectively.
Simultaneously, the international market witnessed a decrease in the price of gold by $23, resulting in a settlement at $1,905 per ounce.
The gold market in Pakistan has exhibited volatility recently due to persistent political and economic uncertainty, along with high inflation. Consequently, individuals seek to invest in this valuable commodity as a means of safeguarding their assets and hedging against market fluctuations.
The APSGJA’s data also indicates that the price of silver has remained unchanged at Rs2,380 per tola and Rs2,126.20 per 10 grammes. Notably, the previous day witnessed a Rs1,000 increase in the price of gold.
Furthermore, the Pakistani rupee displayed a marginal recovery of 0.13 per cent against the US dollar on Thursday. The interbank market, as reported by the State Bank of Pakistan (SBP), recorded the local currency closing at Rs277.04 in relation to the greenback.
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