Islamabad: For the fourth consecutive session, the gold price in Pakistan increased amid the freefall of the local currency.
According to the All Sindh Sarafa Jewellers Association, the price of gold on Wednesday increased by Rs1350 per tola and Rs1158 to be sold at Rs150,400 and Rs128,944, respectively.
In the last four sessions, the price of the precious metal per tola increased by Rs3350.
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 sixth consecutive session, the Pakistani rupee depreciated against the US dollar in the interbank market on Wednesday.
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.
