In sharp contrast to the movement of the commodity on the international market, the price of gold per tola crossed the Rs. 150,000 threshold for the first time on Wednesday as the rapidly falling rupee took a severe toll on its cost in the local market.
As of July 1, the price of gold has increased by a total of Rs. 152,000 or Rs. 10,900 per tola. Gold prices increased by Rs. 2,500 only on Wednesday, according to data gathered by the All Sindh Saraf and Jewellers Association.
Since July 1, the commodity’s price per ounce has decreased by $91 to $1,720.
Pakistan, a net importer of gold, often follows the trajectory of the global market for bullion and other precious metals. A declining rupee, however, has altered the situation.
According to Akhtar Tesori, chairman of the Pakistan Gems Jewellry Traders and Exporters Association (PGJTEA), demand for gold jewelry has significantly decreased in the nation during the past several months.
On Wednesday, the rupee hit a brand-new record low against the US dollar in the interbank market and finished at Rs. 236.02.
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