The precious metal has gained momentum and showed an astonishing rise of Rs 6,400 per tola in Pakistan. The new price has been set at an impressive Rs 216,600 per tola for the precious metal. The price of 10 grams of the precious metal, 24 carats, stood at an overwhelming Rs 185,700. The increase in price was almost Rs 5,487. It’s very difficult to pinpoint the direct cause of this hike in gold price but it is majorly linked with the Pakistani Currency.
After an impressive run by the Pakistani Rupee, it has finally declined against the US Dollar for the second day today in the international market. This might be one of the major causes of the hike in price of gold per tola in Pakistan.
Appreciation in Gold Price
Sources from the Sarafa market and the All-Pakistan Sarafa Gems and Jewelers Association portrayed that there has been a high rise of approximately Rs 6,400 in the per tola price of gold in Pakistan. This made the price of Gold stand at an amazing Rs 216,600 per tola in Pakistan on October 18, 2023. The International Market also showed a hike in the precious metal as it appreciated by $36 and stood at an impressive $1,959 per ounce.
After one of the longest streaks recently, the Pakistani Rupee finally depreciated against the USD and dropped by 0.36% against the Dollar on Wednesday, October 18, 2023. With this immense uncertainty in the market, many of the citizens prefer buying Bullion as they consider it a much safer investment. Check the latest gold price at “Latest Gold Rate in Pakistan Today- October 18, 2023.”