Islamabad: In a first, the gold price in Pakistan edged past the Rs170,000 per tola level on Tuesday.
There was a little confusion over the data released by the All Pakistan Sarafa Gems and Jewellers Association. Earlier, it mentioned that the price had dipped by Rs850 on a per tola basis. Later, it clarified that the price had gone up instead, passing the Rs170,000 psychological threshold.
According to the revised pricing list, the price of gold rose by Rs2,000 per tola, settling at an all-time high of Rs170,800. Similarly, the price of gold on a ten-gram basis also rose by Rs1,714, settling at Rs144,719.
Meanwhile, silver prices stayed above the key level of Rs1,900 per tola. The price remained unchanged at an all-time high level of Rs1,970 and Rs1,688.95.
Pakistan fulfils its gold demand by importing the precious commodity. Therefore, the rise and fall in the price depend upon many factors, including prices in the international market, the PKR to the USD exchange rate, and the demand and supply in domestic markets.
Rupee depreciation triggered a rally in the gold market, which led to an increase of Rs7,750 per tola in the last six sessions.
