Gold prices have registered a slight rise in Pakistan IG News

Gold prices have registered a slight rise in Pakistan. Gold prices registered a marginal rise as the spread between the rupee against the dollar at the interbank and open market increased marginally, prompting investors to move towards the metal for safe-haven investment.

Data released by the All Pakistan Sarafa Gems and Jewelers Association (APSGJA) showed that gold (24 carat) rose by Rs 500 per tola and Rs 428 per 10 grams to Rs 233,600 and Rs 200,274, respectively.

At the interbank, the rupee closed at 285, while the open market rate closed at 299, and was above 300 a day earlier, leading to jitters in the market about the currency’s stability.

But in the international market, gold declined as a deal could be struck in Washington to raise the US debt ceiling, reducing its safe-haven appeal. Gold fell by $12 to $1,976 an ounce.

Read More: Gold price hits another all-time high in Pakistan

The gold market has been volatile in Pakistan recently due to several factors – economic and political turmoil, high inflation and currency depreciation. In such times, people prefer to buy the yellow metal as a safe investment and a hedge.

The safe-haven bullion had hit an all-time high of Rs 240,000 per tola on May 10 after political uncertainty escalated after the Pakistan Tehreek-e-Insaf (PTI) chairman. Imran KhanThe arrest of It later fell in line with the fall in international rates.

The jewelers’ body also said that local gold in Pakistan was costlier by Rs 4,500 per tola compared to the Dubai bullion market. This means that currently the Pakistani gold market is more expensive than the world market.

Data shared by the association showed that silver prices fell by Rs 50 per tola and Rs 42.86 per 10 grams to close at Rs 2,900 and Rs 2,486.28, respectively.