The price of 24-karat gold in the domestic bullion market moved up by Rs6,500 to reach the historic level of Rs209,000 per tola due to rupee depreciation and speculation, the data issued by Karachi Sarafa and Jewelers Association showed on Saturday.
Pakistan continues to be a net importer of gold; therefore, any fluctuation in the value of the previous metal is affected. Market analysts claimed that both rupee movement and active gold market speculation were to blame for the historically high rise in gold prices.
As per the data, the price of 10-gram of 24kt gold also increased by Rs6,000 and was traded at Rs179,610 while the 10gm of 22kt gold was recorded at Rs159,144.
On the other hand, the price of 24-karat and 10-gram silver clocked in at Rs2,200 and Rs1,886.14, respectively, the association reported.
According to data released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of the yellow metal has risen by Rs23,700 per told since January 20, 2023.
Although the gold price in the international market fell around $2 to $1,928 per ounce on Saturday, the rate of yellow metal surged in Pakistan due to weak rupee.
