Gold Prices in Pakistan register drastic rise overnight

KARACHI – The price of gold in Pakistan registered a drastic increase ofnear Rs 2,000 per tola.

Gold prices crossed the Rs 62,000 per tola mark in the local market.

For 10g gold, the price surged by Rs1457, and it is available at R53,155 inthe market

Unlike the local market, the gold price observed a decline of $7 in theinternational market where the price for per ounce yellow metal stood at$1187.

The US dollar hit Rs.134 against Pakistani rupee in the interbank market onTuesday, a day after the government announced that it was going to theInternational Monetary Fund (IMF) for a bailout.

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According to local media reports, the US dollar gained Rs9.75 againstPakistani rupee. On Monday, the US dollar was being offered at the rate ofRs124.25 in the interbank market.

However, with a sharp Rs 9.55 rise within a few hours, the rupee devaluedconsiderably against the dollar.