The price of gold in Pakistan increased for the second straight day in the current week, going up by Rs. 900 per tola on Wednesday.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs. 900 per tola to Rs. 223,800 while the price of 10 grams increased by Rs. 771 to close at Rs. 191,872.
The price of gold also increased by Rs. 1,100 per tola on Tuesday which means that today’s increase took the cumulative increase over the last two days to Rs. 2,000 per tola.
It is pertinent to mention here that the Pakistani rupee continued its downward trajectory against the US dollar today and depreciated 1.16 percent in the inter-bank market to settle at 294.93. Minor fluctuations in the exchange rate usually don’t affect the local value of gold, however, the continuously depreciating rupee could result in a surge in gold prices in the coming days.
In the international market, spot gold increased by 0.1 percent to $1,902.50 per ounce by 1207 GMT, while the US gold futures dropped by 0.1 percent to $1,934.00.
Source: Pro Pakistani