The price of gold in Pakistan registered an increase on Monday to cross the Rs. 209,000 per tola mark.

According to the data released by the All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) increased by Rs. 1,250 per tola to Rs. 209,600 while the price of 10 grams rose by Rs. 1,072 to Rs. 179,698.

Despite the odd decline, the price of gold has been on an increasing trend since prices were announced after a gap of nearly one month earlier in October. Last week, the price of gold increased by Rs. 6,350 per tola.

Today price increase is largely down to the depreciation of the local currency. Gold traders in Pakistan have adopted a new pricing formula under which a premium of $20 will be charged on international prices, and for the calculation of price interbank rate of the US dollar will be used.

The Pakistani rupee depreciated by 0.11 percent to close at 279.12 after losing 32 paisas against the US dollar today.

In the international market, spot gold was down 0.2 percent to $1,978.07 per ounce by 1126 GMT, while the US gold futures also dropped by 0.2 percent to $1,989.80.

Source: Pro Pakistani