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Price of gold in Pakistan continue to rise in sync to set a new record Saturday

The price of gold in Pakistan continues to rise in sync to set a new record Saturday!

The rise in the bullion rate in the country came despite the precious metal’s value declining in the international market by $19 to settle at $2,017 per ounce.

According to the data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24-karat) increased by Rs500 per tola and Rs429 per 10 grams to reach Rs225,500 and Rs193,330, respectively.

Similarly, the gold price for 22-karat was recorded at Rs 206,798 per tola as per the bullion market.

Meanwhile, the price of silver receded slightly from a record high reached yesterday.

The rate of silver decreased by Rs80 per tola and Rs68.58 per 10 grams to settle at Rs2,870 and Rs2,460.56, respectively. 

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During uncertain economic conditions, people prefer to buy yellow metal to protect themselves against inflation and currency depreciation.

The bullion rate has been on a steady uptrend in Pakistan while the April inflation clocked in at 36.4% year-on-year — a record high.

Pakistan has now become the most expensive country in Asia surpassing Sri Lanka where inflation was measured at 35.3% in the previous month.

Saman Siddiqui

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