The price of gold in Pakistan increased by Rs. 7,700 per tola during the outgoing week to close at Rs. 234,500 per tola.
According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) dropped by Rs. 1,000 per tola to Rs. 234,500.
The increase in price of the precious metal has been largely down to the rupee’s depreciation against the US dollar. The rupee is currently down to its all-time low of 301 against the US dollar.
This is the second consecutive increase in the price of gold on a weekly basis. Last week the price of gold had increased by Rs. 5,000 per tola. This means that in the last two weeks, gold has gained nearly Rs. 13,000 per tola.
According to gold traders, skyrocketing inflation means that currently, the market is seeing very few buyers while up to 80 percent of people who are visiting the gold markets these days are looking to sell gold, just to make ends meet.
Source: Pro Pakistani