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Gold rises for a second day as a weak currency increases appeal

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KARACHI: The price of gold in Pakistan increased on Tuesday as the weaker rupee increased demand for the precious metal on both domestic and foreign markets.
The price of gold increased by Rs 300 per tola and Rs 258 per 10 kilos to settle at Rs 161,600 and Rs 138,546 respectively, according to data supplied by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
Even though gold is currently being supported by a slightly weaker rupee, gains were constrained by interest rate increases that weighed on gold prices.
In times of political and economic unpredictability, the yellow metal is regarded as a secure store of value and a hedge against greater inflation.
The gains today were nonetheless constrained by increasing interest rates, which raise the potential cost of keeping the non-yielding metal.
The local market’s gold price is approaching the record high of Rs162,500 per tola set on July 28.

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