Islamabad: The gold price in Pakistan as of Saturday witnessed an increase as well, and it continued its winning session for the third consecutive day.
According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price of gold on Saturday increased by Rs1,300 per tola and Rs1,115 per 10 grams to hit Rs153,000 and Rs131,173, respectively.
The rally in gold prices is due to the constant deterioration of the Pakistani rupee’s value against the US dollar and soaring inflation in the country.
It should be noted that the rupee has depreciated by over 10% in the current fiscal year 2023 (July 1, 2022, to date) to Rs228.18 against the US dollar at the interbank market.
On July 28, the price of a tola reached an all-time high of Rs162,500; it then swiftly fell to Rs134,200 before rising once more
In the international market, the price of gold declined by $4 per ounce to settle at $1,717.
The gold price in Pakistan is around Rs4,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams.