Islamabad: Just when it looked like it would dip further, the price of gold snapped back in Pakistan, going up by Rs400 per tola on Monday.
According to the All Sindh Sarafa Jewellers Association, the price of per tola gold increased by Rs400 per tola to settle at Rs158,500 after falling nearly Rs1100 in the previous three sessions. The price on a ten-gram basis also increased by Rs343 to settle at Rs135,888.
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.
Meanwhile, the price of per tola and ten-gram silver remained constant at Rs 1690 and Rs 1,448.90, respectively.