Saturday Apr 16 2022

Gold price jumps Rs1,000 per tola in Pakistan

A representational image of gold bars. — Reuters/File
A representational image of gold bars. — Reuters/File

  • Gold price settles at Rs131,600 per tola.
  • Cumulatively, gold loses Rs700 per tola during the week.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold prices in Pakistan jumped on Saturday partly due to the uptrend in commodity prices in the global market and partly due to mounting inflation.

Gold prices in the local bullion market soared by Rs1,000 per tola and Rs858 per 10 grams today to reach Rs131,600 per tola and Rs112,826 per 10 grams.

Cumulatively, the precious commodity lost Rs700 per tola during the week ended April 16.

Earlier, speaking to, AA Commodities Director Adnan Agar had said that the recent plunge in gold price during the week came on the back of an improvement in rupee-dollar parity.

“However, improved sentiments in the international market lent support to the uptrend,” he said, mentioning that global gold price gained because of soaring inflation in the US.

In the international market, bullion prices remained unchanged at $1,974 per ounce.

Agar had noted that the precious commodity will undergo correction after crossing the threshold of $2,000.

Gold rates in Pakistan are around Rs3,000 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.