Gold price increases to Rs 2,400 per tola, local demand rises

Gold price witnessed an increase in Pakistan on Friday, snapping several days of downward trend despite a decrease in the international market, reported the 24NewsHD TV channel.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs2,400 per tola and Rs2,837 per 10 gram to settle at Rs 190,400 and Rs163,237.

Meanwhile, the price of gold in the international market decreased by $3 to $1,811 per ounce, the Association reported.

In the last 7 sessions, gold price in Pakistan dropped by Rs30,400 per tola on the rupee’s appreciation against the US dollar.

This uptrend in gold prices has triggered a rise in local demand for the precious metal, as individuals and investors look to hedge their assets amid economic uncertainties.

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