The Gold rates in Pakistan increased by Rs. 7,700 per tola during the outgoing week to close at Rs. 234,500 per tola.

As reported by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the cost of 24-carat gold has fallen by Rs. 1,000 per tola, now standing at Rs. 234,500.

This drop in gold’s value is primarily attributed to the weakening of the rupee against the US dollar. The rupee has reached a record low of 301 against the US dollar.

This marks the second consecutive weekly rise in gold prices. In the previous week, gold prices had surged by Rs. 5,000 per tola. To put it in perspective, this means that over the last two weeks, the value of gold has increased by almost Rs. 13,000 per tola.

Gold traders explain that due to significant inflation, the market is currently witnessing a limited number of buyers. Remarkably, around 80 percent of individuals visiting gold markets are actually looking to sell their gold, mainly to meet their basic financial needs.