After the rupee fell against the dollar in the interbank market on Monday, the price of gold climbed by Rs800 per tola in Pakistan’s local market.
Gold prices up in Pakistan: The precious metal’s price increased by Rs800 to Rs209,000 per tola. Similar to this, the price of 10 grammes of gold in the domestic market rose by Rs686 to reach Rs179,184.
The local currency continued to under pressure since there was a considerable need for dollars to pay for imports.
Investors see gold as a safe haven to protect their money when the currency market is unstable.
According to the State Bank of Pakistan, the local currency suffered in the inter bank market, falling by Rs1.9 to Rs279.8 from its Friday closing price of Rs277.9.
According to Chairman of the Exchange Companies Association of Pakistan (ECAP), Malik Bostan, the government’s decision to permit the opening of letter-of-credit (LC) for the importation of raw materials caused the pressure on the local currency to once again increase.
Gold bullion maintained its a position on the global market and was trading at $1,925 on Monday.