Gold price increases after seven-day fall in Pakistan

KARACHI: Gold price witnessed an increase in Pakistan on Tuesday, snapping a seven-day downward trend despite a decrease in international market, ARY News reported.

According to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs5,600 per tola and Rs5,058 per 10 grams to settle at Rs215,000 and Rs184,585.

Meanwhile, the price of gold in the international market decreased by $15 to $1,911 per ounce, the Association reported.

In last 7 sessions, gold price in Pakistan dropped by Rs30,400 per tola on rupee’s appreciation against the US dollar.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.

Earlier in the day, the Pakistani rupee (PKR) regained its strength against the US dollar on Tuesday as the USD dropped before Rs300 in the interbank market.

The US dollar dipped below Rs300 in the interbank market as the rupee continued its upward trajectory, the forex dealers said.

PKR closed at Rs299.89 in the interbank market after gaining the strength of Rs1.27 against the dollar as compared to the previous close of Rs301.6, the State Bank of Pakistan (SBP) said.

In the open market, the greenback was being sold at Rs298.

The USD recorded another decline today followed by a decline of Rs7.21 in the interbank and Rs30 in the open market in the six trading sessions.

Analysts said that the dollar price was reduced after ongoing crackdowns across the country to curb currency smuggling.