Gold prices record massive increase in Pakistan

KARACHI: After witnessing a downward trend in local markers for the past two days, the gold prices in Pakistan on Monday recorded an increase of Rs3000 per tola in the domestic market, ARY News reported.

According to the All Pakistan Jewellers Manufacturers Association, per tola price of the precious yellow metal increased by Rs3000 to Rs156,000.

Similarly, the price of 10 grams jacked up by Rs2,572 to Rs113,745.

Cumulatively, the price of yellow metal surged by Rs7,300 per tola during the week ended September 10.

Rupee freefall continues

The US dollar continued its upward trajectory in the exchange market against US dollar despite Pakistan receiving a US$1.16 billion loan tranche from the International Monetary Fund (IMF)

According to forex dealers, the greenback gained Rs0.72 in the interbank to trade at Rs229.90 against rupee while the banks are selling it at Rs230.40.

In open market, the US dollar is being traded between Rs235 to Rs237