Gold price increases to Rs213,100 per tola

The gold price in Pakistan witnessed an increase on Friday, with the cost of 24-karat gold rising by Rs1,300 per tola, settling at Rs213,100 in today’s session.

The Karachi Sarafa Association reported that the closing price for 10 grammes of 24-karat gold was Rs 182,698, indicating a loss of Rs1,114.
Meanwhile, 10 grammes of 22-karat gold saw an increase, reaching Rs166,452, up by Rs1,022.

In contrast, the silver prices remained unchanged in the domestic market, with 24-karat silver and 10 grammes of 24-karat silver closing at Rs2,580 and Rs2,211.93, respectively.

It is noteworthy that domestic gold prices are influenced by fluctuations in international prices and changes in the local currency’s interbank exchange rate.

Despite intraday gains, the Pakistani rupee (PKR) is facing its fourteenth consecutive loss against the USD.

The depreciation of PKR against the USD leads to an increase in the value of PKR-denominated gold since gold is denominated in US dollars.

On the global front, international gold prices experienced a decline, marking the second consecutive week of losses. International spot gold is currently trading at $1,954.29, down by 0.20 per cent for the day.