KARACHI: The gold price in Pakistan and in the international market registered an increase at the start of the week on Monday. 

The price of gold (24 carats) increased by Rs800 per tola and Rs685 per 10 grams to settle at Rs215,300 and Rs184,585, respectively, according to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal also increased by $11 and settled at $1,931 per ounce in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy this precious commodity in such times as a safe investment and a hedge.

In the last week, the price of the bullion continued a downward slide for seven consecutive sessions. Cumulatively, the price fell by Rs8,900 per tola.

Data shared by the association showed the price of silver also managed to make nominal gains by increasing Rs50 per tola and Rs48.27 per 10 grams to settle at Rs2,550 and Rs2186.21, respectively.

It also mentioned that the price of the bullion is Rs3,000 per tola “undercost” in Pakistan as compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.