Gold Prices Reach Record High in Pakistan as Currency Continues to Depreciate
Gold prices in Pakistan have hit an all-time high, as the country’s local currency continues to lose ground against the US dollar. The increase in policy rate has also contributed to the surge in gold prices. According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola and 10 grams of 24-carat gold rose by Rs5,000 and Rs4,288, respectively. As a result, the per tola price settled at Rs214,500, while the price of 10 grams of gold settled at Rs179,612.
In the international market, the price of gold increased by $12 to close at $1982 per ounce. Additionally, the price of silver in the domestic market rose by Rs100 per tola to reach Rs2,450. The Pakistani rupee has depreciated by 0.78% against the US dollar in the interbank market, settling at Rs287.29 as compared to Friday’s Rs285.04.