Gold price in Pakistan records whopping increase
- By Web Desk -
- Aug 30, 2023
Gold price registered a whopping increase in Pakistan after a hike in the international market, ARY News reported on Wednesday.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs2,900 to settle at Rs236,400 per tola.
The price of 10-gram gold dropped by Rs2,486 to settle at Rs220,675.
In the international market, the gold price witnessed a hike of $21 to settle at $1,938 per ounce.
On Monday, gold price registered a drop in Pakistan despite a nominal $1 hike in the international market.
The price of gold (24 carats) dropped by Rs1,500 per tola to settle at Rs233,000 while the 10-gram gold price was declined by Rs1,286 to settle at Rs99,760. In the international market, the gold price witnessed a nominal hike of $1 to settle at $1,915 per ounce.
Related: Gold price continues to decline in Pakistan
The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation.
Earlier in the month, gold prices held near three-week lows after strong US private payrolls data suggested the economy could avoid a recession, fuelling bets of more monetary policy tightening and, in turn, boosting the dollar and Treasury yields, according to Reuters.
Spot gold was little changed at $1,936.07 per ounce by 0741 GMT, having hit its lowest since July 11. U.S. gold futures fell 0.2% to $1,971.90.