- Gold prices in the domestic market surged as the Pakistani rupee faced pressure against the US dollar in the interbank market.
- The price of one tola of gold increased by Rs 900, reaching Rs 223,800, while 10 grams of 24-carat gold.
- Internationally, the price of gold rose by $2, closing at $1,905 per ounce.
Gold prices exhibited a continued upward trend on Wednesday within the domestic market, driven by the ongoing pressure on the Pakistani rupee against the US dollar in the interbank market. According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of gold saw an increase of Rs 900, closing at Rs 223,800.
Similarly, the price of 10 grams of 24-carat gold experienced a surge of Rs 771, settling at Rs 191,872.
In the global market, the value of this precious commodity also witnessed a rise, with a $2 increase leading to a settlement at $1,905 per ounce.
Conversely, the local rates for gold remained steady, with the price of one tola and 10 grams holding at Rs 2,750 and Rs 2,357.68, respectively. The strengthening of gold prices is largely attributed to the consistent depreciation of the Pakistani rupee against the US dollar.
This ongoing trend in the domestic and international gold markets signifies the impact of various economic factors on the value of this precious metal. As the global economic landscape continues to evolve, keeping a close watch on these market fluctuations remains crucial for both investors and consumers.