How much did gold price gain during March?

— illustration/File
— illustration/File
  • With a fresh increase of Rs150 per tola recorded today, gold gained Rs2,750 during March.
  • Price of gold settles at Rs131,350 per tola.
  • Silver prices in the domestic market increase by Rs20 per tola.

KARACHI: Gold shined during the month of March recording a gain of Rs2,750 (or 2.13%) per tola in the period as the safe-haven metal’s appeal was lifted by the Russia-Ukraine conflict, rupee depreciation and concerns over political uncertainty.

With a fresh increase of Rs150 per tola today, the precious commodity gained Rs5,350 (or 4.24%) during the quarter ended March 31.

The price of gold gained Rs150 per tola and Rs128 per 10-gram to settle at Rs131,350 and Rs112,611 on the last of the month.

Gold is considered one of the safest investments, hence, its price is skyrocketing as an investment is pouring in at a rapid pace.

As the dollar continues to strengthen day after day, investors’ confidence in the currency has tumbled and they have diverted their investment to gold.

Local dealers had also said that the return of inflationary days in Pakistan and around the world has once again invited investors’ attention towards the yellow metal as at such a time, safer commodities become attractive.

In the international market, bullion prices slightly rose by $4 per ounce to settle at $1,931 as lower oil prices) somewhat allayed the inflation concerns of market participants, meaning that gold as a store of value appears to be in less demand initially today.

Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market increased by Rs20 per tola and Rs17.15 per 10 grams to settle at Rs1,520 and Rs1,303.15 today.

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