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No respite: Gold price jacks up by Rs850 per tola in Pakistan

The increase has been linked to weakening of Pakistan Rupee against greenback

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No respite: Gold price jacks up by Rs850 per tola in Pakistan
GNN Media: Representational Photo

Karachi: Gold continued to extend gains in Pakistan for the second day on Friday as the yellow metal's price jumped by Rs850 per tola.

The Pak rupee continueed to decline against the US dollar. 

The All Sindh Sarafa and Jewellers Association (ASSJA)'s data showed that the price of gold rose by Rs850 per tola and Rs728 per 10 grams to settle at Rs151,700. 

The yellow metal had scaled record in July. Prices have since moved into a steadier range as the market digested a more hawkish outlook from the depreciating rupee and falling markets.

Investors were seen buying gold because the government and the central bank are trying to reduce the rupee-dollar parity.

The gold price of decreased by $4 per ounce to settle at $1,721 in the international market.

 

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