ISLAMABAD: Amid the devaluation of the local currency for the last couple of days, the rates of the precious metal continued to go up as on Wednesday, the per tola price of 24 karats of gold witnessed an increase by Rs.2,900 to settle at Rs. 235,400 against its previous day sale of Rs. 233,500 per tola.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the price of 10 grams of 24 karats of gold also went up by Rs.2,486 to close at Rs.202, 675 from its last day price of Rs.200,189 whereas the price of 10 grams of 22 karats of the yellow metal increased up to Rs. 185,785 from its last day rate of Rs.183,506.
However, the price per tola and ten grams of the white metal (silver) experienced no change and settled at RS 2,850 and Rs 2,443.41, respectively.
Like the local market, the price of the yellow metal in the international market also went up and witnessed an increase by $21 to close at $1,938 per ounce against its last-day price of $1,917 per ounce.
Increasing Price of Gold
Gold rates remained fluctuated in the local market in the year 2023 due to certain reasons, including political, financial unrest and devaluation of the local currency.
In May 2023, the price of the precious metal reached the highest ever at Rs240000 per tola, however, after the deal with the IMF at the end of June, its price went down to Rs2,04500 in mid-July. But recent weeks witnessed a continuous surge, and its price is approaching again to the level it was in May 2023.
