Islamabad, 3 February 2023 (GNP): The price of gold (24 carats) climbed by Rs 3,500 per tola and Rps 3,000 per 10 kilos to settle at Rps 205,000 and Rps 175,754, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
As the rupee slightly strengthened against the US dollar recently and investors closely watched the US Federal Reserve’s decision to raise interest rates and its forecast for policy, the price of gold had its biggest one-day decline ever.
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The rise in gold prices is a result of increasing demand from investors who switched to the yellow metal as Pakistan’s headline inflation raced to a record high level in January due to shortages of food and a large spike in the cost of petroleum items. On the other hand, local silver prices remained steady and settled at Rps. 2,250 per tola and Rps. 1,929 for every 10 grams.
