Islamabad: For the eleventh straight session, the price of gold in Pakistan continued to rise on Monday.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold rose by a massive Rs2,200 per tola, settling at an all-time high of Rs174,900. Similarly, the price of gold on a ten-gram basis also rose by Rs1,886 to settle at Rs149,948.
In the last eleven sessions, the price went up by Rs11,750 per tola.
Similarly, the silver prices also registered gains and rose to an all-time high of Rs2,020 per tola and Rs1,731.82 per 10 grams.
It is important to mention that the prices of gold in Pakistan usually go up 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.