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Gold sees Rs1200 increase as rupee continues to lose against dollar

Gold

KARACHI: As rupee continues its losing streak against US dollar, people seem to invest more and more in gold. On Tuesday gold prices continued their upward trend as the yellow metal recorded an increase of Rs1200 per tola. The price of tola closed at all-time high of Rs149,500 in the local market.

According to all Pakistan Jewellers Manufacturers Association (APJMA), the per tola gold price witnessed an increase of Rs1,200 to settle at Rs149,500.

Similarly, the rate of 10 grams of gold rose by Rs1,029 to Rs128,172.

In the international market, the price of yellow metal was reduced by $12 per ounce to settle at $1,718.

According to the All Sindh Sarafa Jewellers Association, the soaring price of dollar against Pakistan rupee is behind the surge in gold prices.

The US dollar on Tuesday reached all-time high against rupee in interbank as Pakistan continues to witness political instability. According to the State Bank of Pakistan (SBP), the US dollar saw an increase in value by Rs3.05 and closed at Rs232.93.

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