Price of Gold in Pakistan Registers Another Increase

The price of gold in Pakistan increased again on Tuesday despite the recovery of the Pakistani Rupee (PKR) against the US Dollar (USD). According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went up by Rs. 300 per tola to Rs. 217,400 while the price of 10 grams went up by Rs. 257 to Rs. 186,385. However, the increase in the price today was much lower than the increase of Rs. 1,100 per tola registered yesterday. The price of gold is still slightly below the all-time of Rs. 218,600 per tola registered last week. The PKR reversed losses and posted encouraging gains against the dollar today. At close, the PKR appreciated by 0.29 percent to close at 283.90 after gaining 81 paisas during intraday trade. In the international market, spot gold was up 0.5 percent at $2,003.82 per ounce by 1214 GMT, after hitting a two-week low in the previous session while the US gold futures were also up 0.5 percent at $2,016.60.