KARACHI – Gold witnessed significant recovery in domestic market of Pakistan on Saturday a day after it recorded bearish trend.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price increased by Rs1,700 to reach Rs390,300.
Similarly, the price of 10-gram gold moved up by Rs1,458 with new rate setting at Rs334,619.
The bullion rates also recorded upward trend in international market where it saw an increase of $17 to climb to $3,685 per ounce.
A day earlier, the price of gold decreased by Rs1,100 to Rs387,500 per tola on Friday compared to Rs388,600 on the last trading day.
The price of 10 gram 24 karat gold also went down by Rs943 to Rs332,218 from Rs333,161 in local market.
Meanwhile, the government announced changes to profit rates on several National Savings Schemes, with profit on short-term savings has been adjusted from 10.6% to 10.42%.
Central Directorate of National Savings issued new notification to implement the revisions. Under the updated rates, Sarwa Islamic Savings Account and Sarwa Islamic Term Account now offer an annual profit of 9.92%, up from 9.50%.
Conversely, the Defence Savings Certificates have seen a slight reduction in profit, with the rate decreasing by 12 basis points from 11.54% to 11.42%.
The new rates are effective immediately, providing investors with updated returns across short-term and Islamic savings instruments while slightly adjusting returns on defence-oriented savings certificates.
