Gold price continues to move up in Pakistan

KARACHI: Gold price in Pakistan maintained an upward trajectory on Wednesday in line with depreciation of Rupee against the US dollar and an increase in the international rates of the bullion, ARY News reported.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs5,400 per tola and Rs4,630 per 10 grams to settle at Rs226,400 and Rs194,102 respectively.

The price of the yellow metal gained $6 to settle at $1,973 per ounce in the international market today.

The gold price has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation.

A day earlier, the gold price in Pakistan continued to go up in line and witnessed an increase of Rs6,200 per tola (24 carats) and Rs5,316 per 10 grams.

Pakistani Rupee weakens

The Pakistani rupee continued to lose ground against US dollar in the interbank market on Wednesday, according to State Bank of Pakistan (SBP) data.

The US dollar closed at Rs283.80 against yesterday’s close of Rs 283.04 in the interbank market.

Meanwhile, the dollar is being sold at over Rs287 in the open market. The Pakistani rupee had gained over Rs10 in past week since the approval of IMF loan programme.