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Gold hits new apex, prices climb by Rs700 per tola

Gold price in Pakistan settles at Rs136,600 per tola

Gold glittered once more on Monday as the precious metal price climbed up by Rs700 reaching an all-time high of Rs136,600 per tola caused because of the depreciation of the Pakistani rupee which continued to plunge against the greenback.

The All Sindh Saraf and Jewellers Association said that the yellow metal had closed trading at Rs135,900 per tola on Saturday. Last week, gold gained Rs3,100 overall.

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Speaking with a local news channel, AA Commodities Director Adnan Agar said that the price of gold was touching new highs, in spite of a consistent decline in international prices.

In the context of Pakistan, the price of the precious metal would continue to fluctuate even if the rupee rebounds against the US dollar.

Gold has come out as a safe asset in the perplexing period of the economic crisis. In the international market, the gold recorded a decline of $14 per ounce to settle down at $1,799.

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Gold rates in Pakistan are nearly Rs1,000 below the cost in comparison to the rate in the Dubai market.

In the meantime, the domestic silver prices remained unchanged at Rs1,560 per tola and Rs1,337.44 per 10 grams today.

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