Gold price in Pakistan increases again

A day after witnessing a major drop, the price of gold rose once again in Pakistan on Monday in line with the rupee's depreciation and increase of the gold price in the international market.

According to data shared by the All Sindh Jewellers Association, the price of gold (24-Karats) jumped by Rs1,100 per tola and Rs943 per 10 grams to reach Rs217,100 and Rs186,128, respectively.

The increase in the precious metal's value came as the rupee depreciated again, falling Re0.31 or 0.11% against the US dollar in the interbank market.

It was also in line with the rate of gold in the international market which increased by $5 to settle at 2,008 per ounce.

The association also mentioned that the price of gold is Rs5,000 per tola "undercost" in Pakistan, as compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.

Last week, the precious metal had reached an all-time high of Rs218,600 per tola in Pakistan as the country's economic crisis persisted and inflation remained high.