ISLAMABAD: Gold price in Pakistan has continued its upward trajectory for the last couple of days as on Thursday, it witnessed an increase of Rs3,400 per tola for the 24 karats of gold to settle at Rs239,800 against its last day price of at Rs236,400 per tola. Last day the bullion market witnessed an increase of Rs2,900 for the 24 karats of the yellow metal.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of the 10-grams of 24 karats of the precious metal also increased by Rs2,915 to close at Rs205,590.
Meanwhile, like the local market, the price of the yellow plate in the international market also recorded an upward trajectory with an increase of $7 to settle at $1,945 per ounce against its last day price of $1,948 per ounce.
Increasing price of Gold in Local Market
Price of the precious metal in the local market remained highly volatile in 2023, due to the ongoing political and financial unrest resulting in shrinking of other sectors. Accordingly, people invested their amount in the gold. In May 10, 2023, price of the gold reached its highest level of Rs2,40,000 per tola.
However, the recent development, including the conditional deal with the IMF took the price down till it reached at Rs 2,04500 in the middle of July. But in August, particularly after the Caretaker government took charge, both the local currency (devaluation) and the gold (appreciation) price witnessed an abrupt change where on Thursday, its price reached to a historic high of Rs 2,40000 per tola.
