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A weaker rupee led to another increase in the gold rate in Pakistan 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 precious metal’s outlook was clouded by prospects of further recovery of the rupee against the greenback, as optimism about the revival of the International Monetary Fund (IMF) programme can boost currency market sentiment.
During the last three sessions, the yellow metal gained Rs3,800 per tola.
