In a continued trend, the price of gold in Pakistan marked its fifth consecutive day of growth this week, culminating in a closing value of Rs. 226,800 per tola on Saturday.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealed a significant surge in the price of 24-carat gold, with an increase of Rs. 1,500 per tola, ultimately settling at Rs. 226,800. Furthermore, the price of 10 grams of gold also saw a substantial rise, climbing by Rs. 1,286 to a closing rate of Rs. 194,444.
This latest surge in gold prices on Saturday accounted for a cumulative increase of Rs. 5,000 per tola. It’s noteworthy that just last week, the price of gold had experienced a decrease of Rs. 1,000 per tola.
This consistent uptrend in gold prices closely correlates with the rapid depreciation of the Pakistani rupee. As of Friday, the rupee had weakened to close at 295.78 against the US dollar. If the rupee continues its downward trajectory in the coming week, it is likely that the price of this precious metal may experience further increases. Keep an eye on the market for potential developments.
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