ISLAMABAD: The price of gold in Pakistan saw a slight decrease on Friday from an all-time high reached the previous day after the rate declined in the global market. However, the silver price increased to a record high.
According to details provided by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold (24 carats) declined by Rs100 per tola and Rs86 per 10 grams to reach Rs218,700 and Rs187,500, respectively. The gold price in the international market decreased by $17 to settle at $1,984 per ounce.
Gold rate on steady uptrend
The gold rate in Pakistan has been on a steady uptrend due to weakened economic fundamentals, a depreciating rupee, and record-high inflation. During such times, people prefer to buy gold to protect themselves against inflation and currency depreciation. The delay in an agreement with the International Monetary Fund (IMF) for a much-needed economic bailout has also led to an increased demand for gold, as the currency market is negatively impacted by the delay.
The Pakistani rupee had fallen to an all-time low of PKR 288.43 against the US dollar in the interbank market on April 11. While the rupee has recovered since then, the US dollar continues to trade above Rs280. On Friday, the rupee gained Re0.08 or 0.03% against the US dollar in the interbank market, according to data released by the State Bank of Pakistan.
The APSGJA also shared data showing that the price of silver rose by Rs30 per tola and Rs25.72 per 10 grams to reach Rs2,600 and Rs2,229.08, respectively, on Friday.
