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Gold price per tola jumps Rs1,600 in Pakistan

Gold price per tola jumps Rs1,600 in Pakistan

Gold price per tola jumps Rs1,600 in Pakistan

Gold price per tola jumps Rs1,600 in Pakistan

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On Friday, the price of gold in Pakistan increased by Rs1,600 per tola due to heightened economic uncertainty and seasonal demand for the precious metal in the local market. According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose to Rs242,900 per tola, marking a Rs1,372 increase per 10 grams to settle at Rs208,248. Earlier, on April 20, 2024, the price had reached an all-time high of Rs252,200 per tola.

The association noted that gold in Pakistan is currently Rs4,500 cheaper per tola compared to international markets. This price surge comes as gold, typically seen as a hedge against inflation, faced losses locally following lower-than-expected inflation data, which tempered expectations of a potential interest rate cut. Meanwhile, international gold rates climbed by $28 to $2,363, with a peak of $2,431.29 recorded on April 12.

In contrast, silver prices remained steady in the domestic market at Rs2,750 per tola and Rs2,357.68 per 10 grams. The gold price in Pakistan, determined by APSGJA, reflects global market trends, the rupee-dollar exchange rate, and local supply-demand dynamics, impacting trading activities among buyers and sellers.

Given ongoing political and economic uncertainties coupled with persistent inflation, gold continues to be sought after in Pakistan as a secure investment and inflation hedge.

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