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Gold rates in Pakistan record major increase as rupee depreciates

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An updated image of gold jewellery displayed at a store. — AFP/File
An updated image of gold jewellery displayed at a store. — AFP/File 
  • Yellow metal gains Rs6,200 per tola.
  • Prices of silver remain unchanged in local market.
  • Gold rates increase by $10 internationally.

KARACHI: Gold prices in Pakistan ticked up on Tuesday in line with the depreciation of the rupee against the US dollar and an increase in the international rates of the bullion. 

According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs6,200 per tola and Rs5,316 per 10 grams to settle at Rs221,000 and Rs189,472, respectively.

Meanwhile, the price of the yellow metal gained $10 to settle at $1,967 in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy gold in such times as a safe investment and a hedge.

According to market practice, local prices of gold usually go up on the rupee’s depreciation against the US dollar and declining prices of commodities in the international market.

Moreover, people also tend to buy and sell the precious commodity ahead of the month of Muharram — which marks the beginning of the new Islamic year, eventually increasing the yellow metal’s demand.

Data shared by the association showed the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams.

A day earlier, the prices of the yellow metal increased by Rs1,600 per tola and Rs1,371 per 10 grams, respectively.

Meanwhile, the local currency fell by 1.34% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs283.04 against the dollar. 

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