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Gold rate in Pakistan today

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  • Gold prices in local bullion market settles at Rs142,000 per tola.
  • Cumulatively, gold price rose by Rs4,700 per tola during last four sessions.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold prices in Pakistan skyrocketed on Monday as a softer rupee and concerns regarding inflation lifted the demand for the safe-haven asset.

Gold prices in the local bullion market soared by Rs2,800 per tola and Rs2,400 per 10 gram today to reach Rs142,000 and Rs121,742, respectively, amid the depreciation of the rupee against the US dollar — that surpassed the Rs200 mark once again.

The precious commodity closed at Rs139,200 per tola and Rs119,342 per 10 grams on Saturday.

Fluctuations in the local currency coupled with inflation concerns added fuel to the already surging price of the yellow metal.

Cumulatively, the price of the yellow metal significantly gained Rs4,700 per tola since the start of the bullish spell (June 2).

Gold is considered a hedge against soaring inflation and is often used as a safe store of value during times of political and economic uncertainty.

The precious commodity remains a safe haven against inflation (rupee depreciation and increase in essential commodity prices) and people invest in gold to avoid the impact of the devaluation of the local currency.

In the international market, the price of yellow metal increased by $3 per ounce to settle at $1,854.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 and Rs1,346.02 today.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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Gold prices in Pakistan have risen by Rs 1,200 per tola.

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The price of one tola of 24 carat gold rose by Rs1,200 and reached Rs246,800 on Thursday, compared to its previous sale price of Rs245,600 on the last trading day.

According to the All Sindh Sarafa Jewellers Association, the cost of 10 grammes of 24 karat gold rose by Rs1,029 to reach Rs211,591, compared to the previous price of Rs210,562. Similarly, the price of 10 grammes of 22 carat gold jumped from Rs193,016 to Rs193,959.

The price of silver remained unchanged at Rs2,900 per tola and Rs2,486.28 per ten grammes.

According to the association, the international market price of gold rose by $10, reaching $2,382 from $2,372.

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The federal government has declared wage and pension increments for its employees.

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The Ministry of Finance has formally declared a rise in the remuneration and retirement benefits of personnel working for the federal government, offering substantial economic alleviation.

According to the notification, personnel in grades 1 to 16 will experience a 25% increment in their salaries, while officials in grades 17 to 22 will be granted a 20% rise. The implementation of this modification will commence on July 1, 2024, and will be applicable to the employees’ fundamental remuneration.

In addition, retired federal government employees would receive a 15% rise in their pension payments. This increase is applicable to retirees from both the civilian and military sectors. It is important to mention that employees who retire on or after July 1, 2024, will also qualify for this pension rise.

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The 15% increase in pension will be computed based on the amount of pension received by retired employees after deductions. Nevertheless, the letter specifies that ad hoc aid will not be factored into the calculations for pension and gratuity.

Moreover, this increment will have no effect on the calculation of housing rent allowances for employees.

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