Gold Rate risen to Rs119,700 a tola
With the return of inflationary days in Pakistan, gold has again attracted the interest of investors, with safe havens rising by Rs 1,700 per tola to Rs 119,700 on Monday.
In the local barter market, the price of gold per tola increased by Rs. 1700 and Rs. 1457 per gram to Rs. 119700 and Rs. 102623 per gram.
The precious metal was trading at Rs 118.00 per tola and Rs 101,166 per gram on Saturday.
Along with the rise in commodity prices in the global market, the depreciation of the rupee drew attention to the yellow metal.
Amid rising current account deficit, the Pakistani rupee reached its latest high of Rs 172.78 against the US dollar in the interbank market.
The country also imports precious metals to meet local demand. According to the All Sindh Goldsmiths and Jewelers Association, gold in the international market (ASSJA) fell by 4 4 to 63 1763 per ounce.
It is noteworthy that the price of gold in Pakistan is about Rs. 500 less than the Dubai market.
Meanwhile, local silver remained steady at Rs 1,430 per tola and Rs 1,226 per ten grams.