Gold price in Pakistan rises again after days of decline

KARACHI: Gold prices in Pakistan rose on Monday after declining for a week in both domestic and international markets.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold increased by Rs1,200 per tola in the local market.

The price of the yellow metal reached Rs437,536 per tola following the increase. Similarly, the price of 10 grams of gold rose by Rs1,029 to Rs375,116.

The price of silver also increased by Rs66 per tola, taking its new price to Rs6,588.

In the international market, the price of gold rose by $12 per ounce to $4,150.

Gold price last week

On the last trading day of the previous week, the local price of gold registered a sharp decline of Rs4,300 per tola following a drop in international gold prices.

Several factors influence gold prices in both domestic and international markets, including changes in the value of the US dollar, global economic uncertainty, geopolitical tensions and investor sentiment.

During periods of economic and political uncertainty, investors often consider gold a safe-haven asset. Increased demand under such conditions can push global gold prices higher, while easing uncertainty can put pressure on prices.

In Pakistan, besides international gold prices, the exchange rate between the Pakistani rupee and the US dollar also plays an important role in determining gold prices in the local market.