On Monday, July 24, 2023, the gold price in Pakistan experienced a significant increase of more than Rs2,000 per tola due to the depreciation of the local currency against the US dollar. The rupee closed at Rs287.92 against the dollar in the interbank market, contributing to the surge in the gold rates.
As reported by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs2,800 per tola, reaching Rs225,300, and by Rs2,143 per 10 grams, reaching Rs193,198.
Furthermore, in the international market, the price of gold also witnessed an increase of $3, settling at $1,965.
The gold rate in Pakistan has been marked by volatility in recent times, primarily influenced by ongoing political and economic uncertainty, along with high inflation rates. During such periods, many people consider buying gold as a secure investment and a hedge against economic instability.
In contrast, the price of silver remained steady, with no change reported, and stood at Rs2,750 per tola and Rs2,357.68 per 10 grams, respectively, according to the data shared by the APSGJA.
Meanwhile, the local currency experienced a decline of 0.39% against the US dollar in the interbank market on the same day, as stated by the State Bank of Pakistan (SBP) data.