ISLAMABAD: Gold prices in the local market remained on an upward slide on Thursday due to rupee’s depreciation against the US dollar and price of one tola of 24-karat gold reached Rs227,000. According to the All-Pakistan Sarafa Gems nd Jewellers Association (APSGJA), the price of one tola of 24-karat gold increased by Rs600 to Rs227,000 from Rs226,400 a day earlier. Similarly, the gold rate for 10 grams of 24-karat rose to Rs194,550 from Rs194,102, showing an increase of Rs448. Following suit, 10 grams of 22-karat gold were being traded for Rs178,400 against Rs177,926 a day earlier. Overall, the price of one tola of 24-karat gold has increased by Rs21,000 during the last six sessions, as the price was Rs204,000 on Wednesday (July 12). The surge in gold prices can be attributed to the depreciation of the Pakistani rupee against the US dollar for five consecutive trading sessions. Since gold is denominated in US dollars, when the Pakistani rupee depreciates against the US dollar, the value of gold rises in Pakistan. As of 1300 hours GMT, gold futures in the international market were available at $1,973.60 per ounce, showing a decrease of $2.90 (-0.15 percent). Out of the $2.90 per ounce decrease, -$2.95 was due to strengthening of the US dollar and +$0.05 was due to predominant buyers, according to Kitco Gold Index. TLTP
