Considering the rates maintained by the All Sindh Sarafa Jewelers Association, the price of gold per tola on the local market increased by Rs2,800 on Monday, reaching Rs142,000.
At 4 p.m. today, the precious yellow gold was trading on the international market for $1,854 per ounce.
As a price-taker, Pakistan follows the global market trend for gold and other precious metals. Worldwide, gold and other precious metals, such as silver, are priced in ounces.
Chairman of the Pakistan Gems Jewelry Traders and Exporters Association (PGJTEA), Akhtar Tesori, stated that the country’s rising gold prices had negatively affected the gold jewelry business.
According to him, the country’s commodity prices have reached all-time highs in recent years as a result of the local currency’s devaluation against the U.S. dollar and the rising cost of international gold.