Pakistan’s gold prices hit all-time highs as the country’s currency continued to depreciate against the US dollar and the policy rate rise at the same time.
The price of a tola and 10 grammes of 24 karat gold increased by Rs 5,000 and Rs 4, 288 respectively, according to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). These prices eventually settled at Rs 214,500 and Rs 179,612 each.
In the international market, the price of the precious commodity also surged by $12 dollar to close at $1982 per ounce.
In the meantime, local silver prices rise by Rs. 100 per tola to Rs. 2,450.In the interbank market, the Pakistani rupee lost 0.78% of its value against the US dollar, ending the day at Rs287.29 as opposed to Rs285.04 on Friday.
The association reported that the price of gold has been “overcost” by Rs6,500 per tola in Pakistan, as compared to prices in Dubai. This means that, at present, the Pakistani gold market is more expensive than the world market.
