Islamabad: For the fifth consecutive session, the price of gold in Pakistan increased on Thursday, getting one step closer to its all-time high value.
According to the All Sindh Sarafa Jewellers Association, the price of per tola gold increased by Rs400 per tola to settle at Rs159,600. The price on a ten-gram basis also increased by Rs343 to settle at Rs136,831.
During the last five sessions, the price per tola rose by nearly Rs1,700. The spike in demand for gold due to the wedding season in Pakistan has caused the price to increase and approach its all-time high of Rs162,500. This is evident from the fact that the price on per tola basis rose by nearly Rs6000 last week.
It is important to note that Pakistan fulfils its gold demand by importing the precious commodity. Therefore, the rise and fall in the price depend upon many factors, including prices in the international market, the PKR to the USD exchange rate, and the demand and supply in domestic markets.
