Islamabad: Fueled by the declining Pakistani rupee, the gold price in Pakistan witnessed an increase for the third consecutive session on Tuesday.
According to the All Sindh Sarafa Jewellers Association, the price of gold on Tuesday increased by Rs750 per tola and Rs643 to be sold at Rs149,050 and Rs127,786, respectively.
In the last three sessions, the price of the precious metal per tola increased by nearly Rs2000.
The constant increase in the price of gold is being attributed by many to the declining trend in the PKR’s value against the USD.
For the fifth consecutive session, the Pakistani rupee depreciated against the US dollar in the interbank market on Tuesday.
A few other key developments also took place in the meantime–Moody’s downgrading Pakistan’s sovereign credit rating and the long-term deposit ratings of five Pakistani banks–that affected the rupee’s performance against the US dollar.
