ISLAMABAD: Gold price in Pakistan jumped to an all-time high at Rs214,500 per tola (11.66 grams) in the domestic market in Pakistan on Tuesday after the local rupee depreciated to a historic low against the American dollar in the interbank market.
The surge was in line with the movement of the Pakistani rupee against the dollar, which went down to an all-time low of Rs287.29 against the US dollar in the interbank market.
According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24 karats of gold witnessed a major decline of Rs5,000 per tola and Rs4,288 per 10 grams to settle at Rs214,500 and Rs183,900.
Investors’ attention shifted towards the yellow plates during the week as the economic quagmire still prevailed amid the IMF (International Monetary Fund) demand that Pakistan has commitments from friendly countries before it releases bailout funds of about $1.1 billion which has been pending since 2019.
The delay in the revival of the IMF program heavily impacted the local currency market, which in turn, enhanced the demand for gold.
Moreover, an increase in the seasonal demand added fuel to the rising prices in the local market of gold.
Gold Prices in International Market
In the international market, the gold price gained $12 per ounce to settle at $1,982, affecting the domestic market in Pakistan.
In addition, prices of silver in the domestic market also jumped to an all-time high of Rs2,450 per tola and Rs2,100.48 per 10 grams after an increase of Rs100 per tola and Rs85.74 per 10 grams, respectively.
