Gold price crosses Rs200,000 per tola mark as Pakistani rupee dips to historic low

KARACHI – As the Pakistani rupee currency continues to lose ground since the government allowed free floating of exchange rates, the price of per tola gold surpassed Rs200,000 mark for the first time in the history of Pakistan.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24 carats of gold witnessed an increase of Rs7,000 to reach Rs202,500 while the price of 10 grams settled at Rs173,619 after a surge of Rs6,000.

Earlier in the day, Pakistani rupee continued its losing streak against the greenback. The local currency plummeted to Rs262.60 against the dollar in the interbank market on Friday, sliding 2.73 per cent from yesterday’s close of Rs255,43.

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.

Rupee falls to all time low of 266 against US dollar