Pakistan witnesses increase in gold price

KARACHI: The price of gold in Pakistan witnessed an increase of Rs5,600 per tola on Tuesday according to the Pakistan Sarafa Gems and Jewellers’ Association (APSGJA).

After the increase, the price of the gold metal per tola reached Rs215,000. The price of 10 grams stands at Rs184,558 witnessing an increase of Rs5,580.

Read more: Rupee strengthens, US dollar falls below 300 in inter-bank market

Gold traders and investors have been advised to keep an eye on market fluctuations and make informed decisions accordingly.

The Pakistani rupee maintained its positive momentum against the US dollar, appreciating another 0.55 percent during the opening hours of trading in the inter-bank market on Tuesday.

At 12:15pm, the rupee was hovering at 299.50, an increase of Rs1.66, in the inter-bank market.

On Monday, the rupee had strengthened 0.59% to settle at 301.16 in the inter-bank market.

In a related development, inflows of home remittances posted a decline of 22 percent during the first two months of this fiscal year (FY24), the State Bank of Pakistan (SBP) reported on Monday.