Islamabad: The gold price in Pakistan took another big step on Wednesday, nearing its all-time high value on a per-tola basis.
Data released by the All Sindh Sarafa Jewellers Association said that the price of per tola gold increased by Rs1,850 to settle at Rs158,850 on Wednesday. Similarly, the price on a per ten-gram basis also increased by Rs1,586 to settle at Rs 136,188.
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 increased by nearly Rs6000 in the last five sessions.
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.
The price of gold in the international market also increased by $7 to settle at $1782.
Meanwhile, the price of per tola and ten-gram silver remained constant at Rs1690 and Rs 1,448.90, respectively.
