Gold price gains Rs100 per tola in Pakistan

Gold bangles. — Reuters/File
Gold bangles. — Reuters/File
  • Price of gold settles at Rs131,450 per tola.
  • Gold trades at Rs112,697 per 10-grams.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold price in Pakistan gains Rs100 per tola and Rs 86 per 10-grams on Friday contrary to a decline in the international bullion prices.

The precious metal closed at Rs131,450 per tola and Rs112,697 per 10-grams compared to Rs131,350 and Rs112,611 a day earlier.

Gold shined during the month of March recording a gain of Rs2,750 (or 2.13%) per tola in the period while it gained Rs5,350 (or 4.24%) during the quarter ended March 31.

The price of gold is increasing as it is considered one of the safest investments, hence, its price is skyrocketing as an investment is pouring in at a rapid pace.

As the dollar continues to strengthen day after day, investors’ confidence in the currency has tumbled and they have diverted their investment to gold.

Local dealers had also said that the return of inflationary days in Pakistan and around the world has once again invited investors’ attention towards the yellow metal as at such a time, safer commodities become attractive.

In the international market, bullion prices slightly dropped by $4 per ounce to settle at $1,927.

Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today.

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