After a week of consecutive heavy losses, the price of gold in Pakistan saw a significant increase. According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose by Rs. 5,600 per tola to reach Rs. 215,000, while the price of 10 grams increased by Rs. 5,058 to close at Rs. 184,585.
During the previous week, the price of gold experienced its largest weekly decline ever, dropping by Rs. 27,800 per tola. Yesterday, the price of gold fell by an additional Rs. 2,600 per tola, dipping below the Rs. 210,000 per tola mark.
Also Read: Gold Prices Drop Rs. 30,000 in One Week
The decrease in the price of gold correlated with the decline in the open market rate of the US Dollar. Since September 4, the open market rate has made a significant recovery, gaining approximately Rs. 40 against the greenback. While the US Dollar continued to weaken and fell below 300 in the interbank market on Tuesday, the price of gold rose.
In the international market, spot gold declined by 0.5 percent to $1,911.70 per ounce by 1133 GMT, and US gold futures dropped by 0.6 percent to $1,934.90.