Gold price continues to increase in Pakistan

KARACHI: The gold price continued to increase in Pakistan on Wednesday in line with the international market, ARY News reported.

According to the data released by All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) increased by Rs5,500 to settle at Rs205,000 per tola.

The price of 10-gram gold increased by Rs4,715 to settle at Rs175,754. In the international market, the price witnessed a hike of $16 to settle at $1,872 per ounce.

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.

The All Pakistan Gem and Jewellers Association (APGJA) released the gold rates a day earlier after around a month’s suspension.

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.

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.