The price of gold in Pakistan registered another huge increase on Tuesday and closed at Rs. 234,500 per tola.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs. 4,600 per tola to Rs. 234,500 while the price of 10 grams went up by Rs. 3,944 to close at Rs. 201,046.

The price of gold rose by Rs. 3,100 per tola a day earlier, taking the cumulative increase over the two days to Rs. 7,700 per tola. The massive increase in the price of precious metal in the last two days is in line with the depreciation of the Pakistani rupee against the US dollar.

The Pakistani rupee nosedived to a new record low against the US Dollar today, closing at 299.01 after losing Rs. 1.87 against the dollar.

In the international market, spot gold rose 0.4 percent to $1,901.80 an ounce by 1159 GMT, while the US gold futures were up 0.4 percent to $1,930.90.

Source: Pro Pakistani