KARACHI: Gold rate surged significantly in Pakistan on Monday due to the rupee’s depreciation against the dollar, while international prices also experienced a slight increase.
The cost of 24-carat gold climbed by Rs3,100 per tola and Rs2,658 per 10 grams, reaching Rs229,900 and Rs197,102, respectively. This information was reported by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
Meanwhile, the global market witnessed a modest uptick in the price of gold as it gained $2, closing at $1,891 per ounce.
According to AA Commodities Director Adnan Agar, the continuous uptrend in local gold rates is attributed to the weakening rupee against the US dollar.
“While international rates dipped below the 1900 mark, there was a rebound today due to the stronger dollar. Despite the decrease in global rates, local prices are not seeing a proportional impact,” Agar explained.
He further noted that if the rupee decline persists and international prices decrease, it might not significantly affect local bullion rates, potentially stabilizing prices. However, Agar cautioned that should global rates rise and the rupee’s depreciation continues, there could be further notable increases in gold prices.
Over the last five sessions, the local market has seen a Rs5,000 per tola increase in the price of this precious commodity.
Data provided by the association indicates that the price of silver remained steady at Rs2,800 per tola and Rs2,400.54 per 10 grams.