Gold price increases Rs1,700 per tola in Pakistan

ISLAMABAD: Pakistan’s local market witnessed a significant recovery after recording a bearish trend in gold prices on Saturday.

According to data shared by the All Pakistan Gems and Jewelers Association, the price of gold per tola increased by Rs 1,700 to Rs 390,300.

Similarly, the price of 10 grams of gold increased by Rs 1,458 to Rs 334,619.

In the international market, bullion prices also recorded an upward trend where its price increased by $ 17 to $ 3,685 per ounce.

A day earlier, the price of gold decreased by Rs 1,100 to Rs 387,500 per tola on Friday compared to Rs 388,600 on the previous trading day.

The price of 10 grams of 24-carat gold in the local market also fell by Rs 943 to Rs 333,161 from Rs 332,218.

Meanwhile, the government announced changes in the rate of return on several national savings schemes, with the return on short-term savings adjusted from 10.6% to 10.42%.

The Central Directorate of National Savings issued a fresh notification to implement the revision. Under the latest rates, the Sarvo Islamic Savings Account and Sarvo Islamic Term Account now offer an annual return of 9.92%, up from 9.50%.

In contrast, the Defence Savings Certificates have seen a marginal decline in returns, with the rate reduced by 12 basis points from 11.54% to 11.42%.

The new rates are effective immediately, providing investors with the latest returns in short-term and Islamic savings instruments while slightly adjusting returns on defense-oriented savings certificates.