Gold price increases to Rs209,000 per tola amid depreciation of Pakistani rupee

The price of gold in Pakistan experienced a slight increase at the beginning of the week, corresponding to the devaluation of the rupee against the dollar.

As per the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose by Rs800 per tola and Rs686 per 10 grammes, reaching Rs209,000 and Rs179,184 respectively.

In contrast, the international market maintained a stable price for gold at $1,925 per ounce. The gold market in Pakistan has displayed volatility in recent times, influenced by ongoing political and economic uncertainties, as well as high inflation. Consequently, individuals tend to view gold as a secure investment and a hedge during such periods.

Data provided by the association indicates that the price of silver remained unchanged at Rs2,480 per tola and Rs2,26.20 per 10 grammes. During the previous session on Saturday, the price of gold experienced a decrease of Rs200 per tola.

Meanwhile, the local currency underwent a marginal depreciation of 0.68 per cent against the US dollar in the interbank market, as reported by the State Bank of Pakistan (SBP). The rupee concluded the day at Rs279.80 against the dollar.