KARACHI: After a non-stop decline since the First week of June, the price of the precious metal went up for the second consecutive day. On Friday, the price of 24 karat metal increased by Rs6,500, probably due to the increase in the international market during the last two days, and settled at Rs214,500 per tola.
Meanwhile, the local currency also depreciated on the day, influencing the price of the yellow plate in the local market.
According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of the 22 karats of gold also went up to settle at Rs193,900.
However, on Friday, the price of the yellow plate in the international market remained unchanged and stood at $1,959 per ounce.
Like the yellow plate, the price of the white plate (silver) also witnessed an increase and went up by Rs50 per tola and Rs42.86 per 10 grams to settle at Rs2,650 and Rs2271.94, respectively.
Gold Price in Local Market
The gold price in the local market remained volatile during the last 6 to 7 months due to recent political and financial unrest, devaluation of local currency, and high inflation.
Due to these uncertain situations, the price of gold increased, and in May 2023, it touched the historic high of Rs2,40,000 per tola. However, from June 1st, the price went down till it reached below Rs2,0,5000 last a couple of days before.
