Gold Price in Pakistan Crosses Rs. 218,000 Per Tola
After rising by Rs. 600 per tola on Tuesday, the price of gold in Pakistan soared once more on its way to a new record high.
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Data provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) show that the price of gold (24 carats) increased by Rs. 600 per tola to Rs. 218 300 and by Rs. 514 for 10 grams to Rs. 187 157.
A day before, the price of gold had increased dramatically, rising by more than 3,000 rupees per tola to Rs. 217,700. The price of gold also significantly increased the week before; per tola, the increase was more than 6,000 rupees.
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Today, the Pakistani rupee (PKR), which finished at 288.43, also hit a new record low versus the US dollar. The rupee’s problems have persisted in recent days despite little movement on a staff-level deal with the International Monetary Fund (IMF), with the exception of a brief respite last week when news of Saudi guarantee of financial aid to Pakistan emerged.
As of 10:52 GMT, spot gold had risen 0.7 percent to $2,004.10 per ounce on the international market, while US gold futures had risen 0.8 percent to $2,018.80.
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