Wednesday, February 1

Gold price in Pakistan records another increase of Rs1,300

KARACHI: The gold price in Pakistan recorded another increase of Rs1,300 on Saturday partially due to the depreciating local currency.

Data released by the All Sindh Sarafa and Jewellers Association (ASSJA) showed that the price of 24Karat gold, considered a safe haven, gained Rs1,300 per tola to settle at Rs159,600. Meanwhile, the yellow metal increased by Rs1,114 per 10 grams to settle at Rs136,831 in the local market. Gold in Pakistan is still cheaper by Rs6,000 per tola compared to its price in Dubai.

In the international market, bullion prices increased by $5 per ounce to settle at $1,767 supported by a softer dollar and bets that the Federal Reserve may cool the pace of rate hikes as economic risks deepen. Meanwhile, silver prices in the domestic market remained unchanged at Rs1,630 per tola and Rs1,397.46 per 10 grams today.