ISLAMABAD: After experiencing a steady pace last week, the price of gold in Pakistan has once again increased, surpassing Rs 235,000 on Saturday in the local market.
The precious metal witnessed a significant rise of Rs 2,700 and was sold at Rs 235,300 per tola, in line with the rally observed in the international market.
Simultaneously, the price of 10 grams of 24-karat gold also saw an increase of Rs 2,315, reaching Rs 201,732 in the local market.
The surge in prices in the local market can be attributed to the trends in the international market, where gold prices rose by $13 to reach $1,977 per ounce.
Gold Prices Continue to Rise
Over the past few months, gold prices have exhibited continuous fluctuations, particularly with an upward trend.
The international market has been influenced by concerns surrounding the rise in the US debt ceiling. In Pakistan, various factors have contributed to the rapid increase in gold prices.
These factors include ongoing financial and political uncertainty, devaluation of the local currency, and a deadlock with the IMF regarding the remaining tranche of the 9th review.
Additionally, the shrinking real estate sector has prompted investors to shift their focus to gold, resulting in a surge in the price of the precious metal.
