Islamabad, 24 February 2023 (GNP): After prices fell the previous day as a result of the Pakistani rupee’s sustained strengthening against the US dollar, gold prices rose again on Thursday as bargain hunters slowly started to enter the market.
The price of gold (24 carats) climbed by Rs 500 per tola and Rs 429 per 10 gram to settle at Rs 196,100 and Rs 168,124, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
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Although rising interest rates increase the opportunity cost of owning the non-yielding bullion, gold is nevertheless regarded as a hedge against inflation.
The price of yellow metal increased by Rs3,800 per tola during the course of the previous three sessions (Monday through Wednesday), but it lost ground today.
In the meantime, domestic silver prices dropped by Rs 30 per tola and Rs 25.72 per 10 gram, respectively, to settle at Rs 2,120 per tola and Rs 1,817.55 per 10 gram.
