KARACHI – Gold prices increases in domestic market on Thursday despite a downward trend in the international market.
The price of per tola gold rose by Rs600 to close at Rs222,800 while the price of 10 grams of 24 carats gold increases by Rs514 to settle at Rs191,500, according to the All-Pakistan Sarafa Gems and Jewellers Association’s (APSGJA) data.
In the international market, the price of the precious commodity decreased by $4 to settle at $1,922 per ounce.
Analysts defined the rise in gold prices to the Pakistani rupee’s depreciation against the US dollar.
After the Stand-by deal with the IMF, the rupee recovered last month. The rupee’s interbank exchange rate increased by more than 10 rupees and was centred at 275 rupees.
However, the favourable effect quickly subsided due to the strong dollar demand once the government lifted all import restrictions.
Meanwhile, the price of per tola and 10 gram silver remained constant at Rs2750 and Rs2,357.680, respectively.
USD to PKR: Rupee largely stable against dollar in interbank
