Amid the political, financial, and legal crisis in the South Asian nation, gold restarted to steal the spotlight in the local demands, with prices shooting a record high of Rs Rs214,500 per tola on Tuesday night.
The costs per tola and 10 grams of gold raised a staggering Rs 5,000 and 4,288. The price of treasured metal comes as the cutting local currency value pushed investors to the security of gold to private amid the financial meltdown.
Besides the massive growth in gold prices, the Pakistani rupee touched a historic low against the dollar. The State Bank of Pakistan (SBP) indicate that PKR closed at 287.29, with a loss of Rs2.25.
The country of over 220 million is meeting back-to-back blasts for restoring the stalled IMF bailout funds to prevent debt default on international payments.
Following the stern requisites of the IMF and amid back-breaking inflation, the State Bank of Pakistan also raised its standard policy rate by 100 basis points to a new record increase of 21 per cent.
