Gold price in Pakistan reaches historic high of Rs195,500 per tola

KARACHI – Gold prices continued their record-breaking spree on Thursday as one-tola hits an all-time high of 195,500 after gaining Rs4,900.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 10 grams witnessed an increase of Rs4,201 to settle at Rs167,610.

Further, the bullion rate in the international market reached to $1,936 after a surge of $11.

Pakistani rupee plunged drastically to approach an all-time low, days after currency exchangers lifted a cap on the rupee-dollar rate.

The jump in gold prices comes as weakening rupee valued pushed investors to the safety of bullion to hedge against deepening economic turmoil in the country.

Earlier in the day, Pakistani rupee plunged drastically to approach an all-time low, days after currency exchangers lifted a cap on the rupee-dollar rate. The local currency plummeted to Rs255.43 against the dollar in the interbank market on Thursday, sliding Rs24.54 or 9.61 per cent from yesterday’s close.

Pakistani rupee slumps to all-time low of 255 against dollar in inter-bank market