Gold price goes up by Rs1, 300 per tola in Pakistan

Karachi: The gold price increased by 1,300 per tola after rupee touched the record low of Rs276.58 against the US dollar in the interbank market on Friday.

The latest reports suggested that the total price of per tola gold reached Rs208,500 amid the soaring inflation.

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) also confirmed increase in the gold price, saying that the price of 10 grams of 24 carats gold went up by Rs1,114 to settle at Rs178,755.

On Thursday, the country witnessed increase of Rs2,200 in the price of per tola gold, pushing per tola gold  to reach Rs207,200.

The gold prices increased after the investors focused the yellow metal for investment after sky-rocketing inflation in January despite constraint in food supply and a significant surge in the prices of the petroleum products.

However, the metal witnessed falling trend in the international market as per ounce gold fell by $44 to settle at $1911.