Islamabad: The price of gold in Pakistan increased for the eleventh straight session on Tuesday, moving up toward the Rs180,000 per tola range.
The price of gold increased significantly by a whopping Rs3,900 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association, to settle at an all-time high of Rs178,800. Similar to this, the cost of gold per ten grams increased by Rs3,344 to reach Rs153,292.
The current winning run dates back twelve sessions. Over the course of these twelve sessions, the cost increased by Rs15,650 per tola. The price of the precious metal has increased by Rs17,600 (10.91%) per tola since December 1.
It is crucial to note that the devaluation of the Pakistani rupee versus the US dollar typically results in an increase in the price of gold in Pakistan. Similar to this, the rise in prices on the local market is also a result of the precious metal’s decline on the global market.
However, the price at which Pakistan is selling the precious good is higher than that of the worldwide market.
The main reason for the sharp increase in gold prices, however, is Pakistan’s wedding season, which boosts demand and drives up prices.
More : History Update