Islamabad: For the ninth consecutive session, the price of gold in Pakistan increased in Pakistan on Friday.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold rose by Rs500 per tola, settling at an all-time high of Rs171,900. Similarly, the price of gold on a ten-gram basis also rose by Rs428 to settle at Rs147,376.
During the last nine sessions, the price of the precious commodity increased by Rs8,440 per tola.
Meanwhile, silver prices lost ground after losing Rs30 per tola and Rs25.72 per 10 grams. The prices closed at Rs1,960 and Rs1,680.38.
It is important to mention that the prices of gold in Pakistan usually go due to the Pakistani rupee’s depreciation against the US dollar. Similarly, the fall in the international market of the precious metal also contributes to the rise in prices in the local market.
But the main driving force behind the meteoric rise of gold prices is the wedding season in Pakistan, which contributes to its demand jacking up the prices.
