KARACHI: Concerns over the rupee-dollar parity, which has once again spurred a flight from riskier commodities to safer ones, raised gold prices in Pakistan on Friday.
Gold prices in the local bullion market rose by Rs600 per tola and Rs514 per gram to Rs124,600 per tola and Rs106,824 per gram, respectively.
The yellow gold ended at Rs124,000 per tola and Rs106,310 per gram on Thursday.
Concerns that the State Bank might boost its benchmark interest rates caused the precious commodity to lose roughly Rs7,100 per tola between November 12 and 17.
The price of gold in the local market is entirely determined by two things.
He went on to say, “Currency movements and worldwide price fluctuations have a substantial influence on the price of the valuable commodity in Pakistan.”