ISLAMABAD: After a significant depreciation of over Rs3 in the local currency, the price of gold in the local market also witnessed an upward trend on Wednesday. After the closing of the day, the per tola 24 karats of gold went up by Rs6,500 to settle at Rs206,500, as reported by the All Pakistan Jewellers Association.
Like the per tola price, the rate of 10 grams of 24 karats of the yellow metal also went up by Rs5,487 to trade at Rs 107,740.
Like the local market, the price of the yellow plate in the international market also recorded a significant increase of $46 to settle at $1,938 per ounce.
Increase in Gold Price
The price of the precious metal went up due to two reasons. First, it witnessed a significant increase in the international market, and second, the Pakistani rupee witnessed a depreciation of Rs3.04 against the dollar on Wednesday, resulting in an increase in rates of gold.
The price of gold in the local market recorded the highest price of Rs2,40000 per tola a couple of months before. However, in the middle of July, the price came down to Rs2,05000 per tola. The rates declined further after the local currency’s appreciation against the dollar. However, the last couple of days witnessed a significant increase in the price of gold.
