Gold gains more value as Pakistan rupee remains on the ropes
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The gold prices Friday continued to increase despite the yellow metal losing its shine in the international market, reported 24NewsHD TV channel.
In the international market, the price of one ounce of gold decreased by $44 and was being traded for $1911.
However, due to the continuous devaluation of the Pakistan rupee, the price of gold in the country continues to increase.
The free-floating of the rupee continued to make the local currency extremely vulnerable to the onslaught of the mighty US dollar as the Pakistani rupee lost by another hefty margin of Rs5.22 in the interbank trading and settled at Rs276.58 for the day.
According to the All Pakistan Jewellers Association, the price of 24-Karat gold reached Rs208500 per tola after seeing an increase of Rs1300.
Similarly, the price for 10 grams of 24-Karat gold reached Rs178,755 after seeing an increase of Rs1114.
The price of 22-Karat gold, used in making the jewellery, reached Rs191,958 per tola after seeing an increase of Rs2090.
The price of 10 grams of 22-Karat gold reached Rs163858 after seeing an increase of Rs1021.
The prices of silver in the country also saw an increase as the 24-Karat silver was being traded for Rs2350 per tola and Rs2014.74 per 10 grams after seeing an increase of Rs50 and Rs42.86, respectively.