In a recent turn of events, the price of gold has experienced a significant increase in local exchange markets, attributed to the notable surge in the value of the dollar on Friday.
According to the 24News HD TV channel, one tola of pure gold of 24 karats, for instance, has witnessed a price hike of Rs300, reaching an impressive value of Rs2,25,300.
Similarly, the cost of 10 grams of pure gold of 24 karats has risen by Rs 257, marking a new price point of Rs 1,93,158 per 10 grams.
The price of 22 karats of gold usually used for jewellery making in Pakistan has also increased and traded at Rs1,77,063 per 10 grams.
In the international market, the price of gold experienced a heavy setback, declining by 6 dollars per ounce to reach $1894 per ounce on Friday.
On the other hand, the prices of pure silver of 24 karats did not change and traded at Rs2,750 per tola and Rs2357.68 per 10 grams.
The observed trend aligns with the established inverse relationship between the dollar's value and gold prices. Traditionally, a stronger dollar leads to a decrease in gold prices, while a weaker dollar often corresponds with higher gold prices.