Gold rates in Pakistan continued to climb on Tuesday as the rupee failed to appreciate significantly.
According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs300 per tola and Rs257 per 10 grams to reach Rs217,400 and Rs186,385, respectively.
The yellow metal had reached a record high of Rs218,600 per tola last week. It then dropped to Rs216,000 per tola on April 15 as its rate declined in the international market. It has continued to rise again since then.
The increase in the precious metal’s value in the domestic market has been in line with developments in the international market as well as the prevailing economic crisis and rupee depreciation.
The rupee had fallen to an all-time low of Rs288.43 against the US dollar in the interbank market on April 11. While it has recovered since then, the US dollar continues to trade above Rs280.
On Tuesday, the rupee closed at Rs283.9 per dollar after appreciating by Re0.81 or 0.29%.
Meanwhile, gold lost $3 to settle at $2,005 per ounce in the international market.
