Gold prices in Pakistan soared by over Rs6,000 on Friday as the international rates have been increasing in the last three sessions and due to the rupee’s depreciation against the dollar.
According to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs6,500 per tola and Rs5,574 per 10 grams to settle at Rs214,500 and Rs193,900, respectively.
Meanwhile, the price of the yellow metal remained unchanged at $1,959 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.
