After over a week of consecutive heavy losses, the price of gold in Pakistan registered a significant increase on Tuesday.
According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs. 5,600 per tola to Rs. 215,000 while the price of 10 grams jumped by Rs. 5,058 to close at Rs. 184,585.
During the last week, the price of the precious metal registered the highest-ever weekly decline, going down by Rs. 27,800 per tola. Yesterday, the price of gold fell by a further Rs. 2,600 per tola to slump below the Rs. 210,000 per tola barrier.
The decrease in price of the gold was in line with the decrease in the open market rate of the US Dollar. Since September 4, the open market rate has recovered massively by roughly Rs. 40 against the greenback. The US Dollar fell below 300 in the interbank market on Tuesday and also lost further ground in the open market, however, gold’s price rose.
In the international market, spot gold decreased by 0.5 percent to $1,911.70 per ounce by 1133 GMT, while the US gold futures dropped by 0.6 percent to $1,934.90.