Gold price jumps Rs900 per tola as Rupee declines

The price of gold in Pakistan increased by Rs900 per tola as the Pakistani rupee continued its downward trend against the US dollar, crossing the Rs184 threshold in the interbank market once more. The yellow metal increased by Rs900 per tola and Rs771 per ten gramme to Rs133,300 and Rs114,283, respectively.

Gold fell $15 per ounce on the international market, settling at $1,976 per ounce. When compared to the Dubai market, gold prices in Pakistan are roughly Rs4,000 lower.

Silver prices in the local market, meanwhile, remained stable at Rs1,520 and Rs1,303.15.

The rupee declined by 0.54 per cent versus the US dollar, closing at Rs182.54 after winning three paisas and settling at Rs181.55 on Saturday, April 16. During the open market session, the Indian rupee (INR) touched an intraday high of Rs181.00 versus the US dollar.

Read more: PKR declines against US Dollar after winning for a week

The consumer market is still torn between those who see gold as a hedge against inflation, growth concerns, and high volatility in other financial markets and those who do not.