KARACHI – The gold price in Pakistan increased by Rs3,500 per tola on Wednesday.
As per the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24 carats gold increased by Rs3,500 per tola and Rs3,000 per 10 grams to settle at Rs205,000 and Rs175,754, respectively.
Yesterday, the South Asian country registered highest single-day drop as the rupee slightly recovered against the US dollar. The price was slashed by Rs9,000 per tola.
The surge in the gold rate comes as the demand increased after the investors moved towards the yellow metal as Pakistan’s headline inflation accelerated to a record high level in January amid food supply constraints and a significant surge in the price of petroleum products.
International gold prices ticked lower today as investors kept to the sidelines ahead of the US Federal Reserve’s policy decision on its interest rate path due later in the day.
