KARACHI: Gold prices in Pakistan increased by Rs900 per tola as the Pakistani rupee resumed its downward trend against the US dollar, crossing the Rs184 level in the interbank market once more.
The yellow gold increased by Rs900 per tola and Rs771 per ten gramme to Rs133,300 and Rs114,283, respectively.
The precious commodity market is still split between those who see gold as a hedge against inflation, growth concerns, and excessive volatility in other financial markets and those who don’t.
Gold fell $15 per ounce on the international market, settling at $1,976 per ounce.
When compared to the Dubai market, gold prices in Pakistan are roughly Rs4,000 lower.
Silver prices in the local market, meanwhile, remained constant today at Rs1,520 and Rs1,303.15.