Gold price sees steep rise in Pakistan

KARACHI: Gold prices have risen sharply across Pakistan, reaching a new high of Rs222,800 per tola, according to the All Pakistan Gems and Jewelers Association (APGJA).

The APGJA said that the price of gold per tola increased by Rs2,200 on Thursday, following the global trend of rising gold rates. The price of 10 grams of gold also went up by Rs1,886, reaching Rs191,015.

The APGJA attributed the surge in gold prices to the uncertainty in the international market due to the new wave of Covid-19 pandemic, and the high demand for the precious metal as a safe haven.

On the other hand, the US dollar lost value against the Pakistani rupee in the interbank on Thursday, according to the data released by the State Bank of Pakistan (SBP).

Dollar weakens against Pakistani rupee in interbank

The interbank dollar rate dropped by 27 paise to close at Rs 281.93, down from Rs 282.20 on Wednesday. The dollar had also fallen by 10 paise at the start of the day, trading at Rs 282.10.