The jewelers believe that the Gold prices are going up after continuous fall of rupee against the US dollar in the interbanks.
Karachi: The price of gold increased by Rs300 per tola due to the continuous depreciation of the rupee against the US dollar in interbank trading in Pakistan on Tuesday.
The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that gold prices have risen to Rs217,400 per tola and Rs186,385 per 10 grams.
According to the APSGJA, the inability of the rupee to appreciate significantly is contributing to the rise in gold prices in local markets.
Despite achieving a record high of Rs218,600 per tola last week, the price of gold fell to Rs216,000 per tola on April 15. However, with its value declining in the international market, the price of gold has once again begun to rise. The cost of silver in the local market has remained constant at Rs2,530 per tola and Rs2,170 per 10 grams during this period.
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