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Friday, November 22, 2024

Home Pakistan Gold rates see big increase in Pakistan despite crackdown

Gold rates see big increase in Pakistan despite crackdown

by Web Desk (Lahore)
October 9, 2023
in Business, Pakistan

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KARACHI – The gold price bounced back after moving down in the local market, despite the authorities’ crackdown.

On Monday, Gold (24 carats) witnessed a big jump and settled at Rs200,000 per tola with an increase of Rs4,400.

The price of 24 Karat Gold Rate (10 Grams) increased by Rs3,750 to Rs171,470.

Meanwhile, the price of bullion moved up in the international market today and it hovered at $1,849 per ounce.

Gold remained volatile in Pakistan amid political and economic uncertainty and soaring inflation, and people prefer to buy bullion in such times as a safe investment.

The price of yellow gold moved down sharply in the domestic market in the wake of stern action against the mafia involved in illegal activities. Last week, the price of gold came down by to Rs188,000 per tola, but it bounced back.