Gold prices see another increase as rupee loses againt dollar

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A weaker rupee led to another increase in the gold prices on Tuesday.

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) data shows the price of gold (24 carats) increased by Rs500 per tola and Rs429 per 10 grams to settle at Rs197,000 and Rs168,896, respectively.

The Pakistani rupee lost 0.24% against the US dollar in the interbank market, settling at 262.51.

The bargain hunters took advantage of recent losses, but the precious metal’s outlook was still clouded by prospects of further recovery of the rupee against the greenback, as optimism regarding the revival of the International Monetary Fund (IMF) programme can boost the currency market’s sentiment.

Cumulatively, the yellow metal gained Rs3,800 per tola during the last three sessions.

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