KARACHI: Despite the Pakistani rupee’s strengthening against the US dollar and falling global prices, the price of gold increased by Rs600 a tola in Pakistan.The price of gold increased by Rs600 per tola and Rs514 per 10 kilos to settle at Rs151,800 and Rs130,144, respectively, according to data supplied by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
Globally speaking, Pakistan has a modest market for gold. Since the precious metal is not produced locally, it imports the product to meet demand.
As a result, the price of gold in local markets is established by taking into account its costs in international markets, the rupee-dollar exchange rate, and domestic market demand and supply.The most recent price for local markets was chosen while taking into account the exchange rates between buyers and sellers.
