On Tuesday, the price of gold in Pakistan increased significantly once more and closed at Rs. 234,500 per tola.
The price of gold (24 carats) increased by Rs. 4,600 per tola to Rs. 234,500, according to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), while the price of 10 grams increased by Rs. 3,944 to close at Rs. 201,046.
A day earlier, the price of gold increased by Rs. 3,100 per tola, bringing the two days’ worth of increases together to reach Rs. 7,700 per tola. The sharp rise in precious metal prices over the past two days is consistent with the rupee’s decline against the US dollar.
Today, the Pakistani rupee plummeted to a new record low against the US dollar, closing at 299,01 after depreciating by Rs. 1.87.
By 1159 GMT, spot gold had increased 0.4 percent to $1,901.80 per ounce on the global market, while US gold futures had increased 0.4 percent to $1,930.90.
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