The price of gold in Pakistan rose again on Wednesday. The cost of 24-karat gold increased by Rs2,900 to reach Rs236,400 for one tola.
For 10 grams of 24-karat gold, the price went up by Rs2,486 to reach Rs202,675. The cost of 10 grams of 22-karat gold reached Rs185,785, increasing by Rs2,279.
The value of the Pakistani Rupee (PKR) has been decreasing, which is affecting the market. The PKR reached a new low of 304.45 against the US Dollar. In just this month, the PKR has lost 5.85% of its value against the US Dollar. This is causing a difference between the open market and official exchange rates.
Because gold is measured in US dollars, when the PKR becomes less valuable compared to the US Dollar, the price of gold in PKR goes up.
