Gold prices again increase in Pakistan
February 19, 2023 08:33 AM
Gold regained lost ground on Saturday, as bargain hunting trickled in after prices dropped a day earlier in response to the continued recovery of the Pakistani rupee against the US dollar.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs196,000 and Rs168,038, respectively.
Cumulatively, the precious commodity lost Rs2,400 per tola during the week ended February 18.
Meanwhile, silver prices in the domestic market rose by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,130 per tola and Rs1,826.13 per 10 grams, respectively.
In the international market, gold prices edged higher but were still on track for their third straight weekly dip, weighed down by an overall stronger dollar and bond yields following fresh hawkish rhetoric from US Federal Reserve officials. The price settled at $1,843 per ounce after gaining $19.