Pakistani Gold Price Approaches Rs. 224,000 Per Tola as Rupees Drop in Price
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Gold price in Pakistan rose for the second day in a row, rising by Rs. 900 per tola on Wednesday.
According to data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), the price of gold (24 carat) 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.
Gold price also increased by Rs. 1,100 per tola on Tuesday, meaning today"s increase took the cumulative increase over the last two days to Rs. 2000 per tola.
It is pertinent to mention here that the Pakistani rupee continued its downward trajectory against the US dollar today, shedding 1.16 percent to settle at 294.93 in the interbank market. Smaller fluctuations in the exchange rate usually do not affect the local value of gold, however, a steadily weakening rupee could lead to a sharp rise in gold prices in the coming days.
Internationally, spot gold was up 0.1 percent at $1,902.50 an ounce by 1207 GMT, while U.S. gold futures were down 0.1 percent at $1,934.00.
