Wednesday Aug 17 2022

Gold continues to shine, price surges by Rs145,400 per tola in Pakistan

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

  • Gold price settles at Rs145,400 per tola.
  • Cumulatively, gold gained Rs11,200 per tola in last two sessions.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold continued to shine as it once again surpassed the critical threshold of Rs140,000 per tola as the precious metal registered an increase of nearly 4% in its price on Wednesday.

Data released by All Sindh Sarafa Jewellers Association (ASSJA) showed that the price of gold surged by Rs5,500 per tola and Rs4,715 per 10 grams to settle at Rs145,400 and Rs124,657.

Moreover, the depreciation of the Pakistan rupee against the US dollar after a gap of 11 sessions further brightened the appeal of the safe-haven asset.

Cumulatively, the yellow metal gained Rs11,200 per tola in the last two sessions; recovering the losses incurred during the period of August 10-15 which amounted to Rs9,300 per tola.

It should be noted that the gold price is standing below cost. Gold is cheaper by Rs5,500 per tola compared to its price in Dubai.

In the international market, bullion prices declined by $8 per ounce to settle at $1,769 as investors watched for signs of further policy tightening by the US Federal Reserve

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.