Gold price in Pakistan released after a month's suspension

KARACHI: All Pakistan Gem and Jewellers Association (APGJA) on Tuesday released the gold rates after around a month’s suspension, with the price in Pakistan increasing by Rs4,000 per tola, ARY News reported.

According to data released by the APGJA, the price of gold (24 carats) increased by Rs4,000 per tola to settle at Rs199,500, while the price of gold per 10 grams reached Rs171,039.

The association last released the rate of one tola at Rs215,000 and Rs184,585 for 10 grams on September 12, showing a jump of Rs5,600 and Rs5,058, respectively, from Sept 11.

Till then, the price of gold (24 carats) decreased by Rs15,500 per tola and Rs13,546 per 10 grams.

It is pertinent to mention here that the issuance of daily gold rates was suspended due to a crackdown by law enforcement agencies on gold mafia, speculators and smugglers.

Meanwhile, the price of the yellow metal saw a major decrease as it went down by $55 to settle at $1,891 per ounce in the international market.

Data shared by the association showed the price of silver decreased by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,500 and Rs2.143.34, respectively.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.