Islamabad: After two sessions of fall, the gold price in Pakistan snapped back and increased marginally to reach Rs158,100 per tola.
The All Sindh Sarafa Jewellers Association said that the price of per tola gold increased by Rs100 per tola after falling nearly Rs1000 in the previous two sessions. Similarly, the price on a ten-gram basis also increased by Rs85 to settle at Rs135,545.
Despite gold trading in a tight range, physical demand for the precious metal is high amid the ongoing wedding season. This is evident from the fact that the price of the precious commodity on per tola basis rose by nearly Rs6000 last week.
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.
