Gold rates continue to increase in Pakistan

KARACHI: The gold prices moved up in Pakistan as per tola price witnessed an increase of Rs900 in the domestic market, ARY News reported on Tuesday.

The price of the precious yellow metal of 24 karat hiked by Rs900 to settle at Rs213,000 per tola in Pakistan, the association said.

Likewise, the rate of 10 grams of the precious metal also increased by Rs771 to settle at Rs182,613.

In the international market, the price witnessed a decrease of $7 to settle at $1,991 per ounce.

Yesterday, the State Bank of Pakistan (SBP) on Monday decided to maintain its benchmark interest rate – the cost of bank lending – at 22 percent.

The announcement came after a meeting of the bank’s Monetary Policy Committee (MPC), which decided to maintain the policy rate at 22%.

According to a statement, the MPC emphasised on continuing with the tight monetary policy stance and reiterated that the “real policy rate is significantly positive on forward-looking basis to bring inflation down to 5 – 7 percent by end-FY25”.