Gold in Pakistan continued to shine as the Pakistani rupee depreciated further against the US dollar, touching its peak of Rs143,600 per tola.
According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of gold per tola rose by Rs1,950 per tola. Meanwhile, the price rose by Rs1,672 per 10 grams to settle at Rs123,114.
With the latest increase of Rs1,950 per tola, the gold price has surged by a total of Rs5,250 in the last four sessions (Friday-Tuesday).
Gold has emerged as a safe asset during the ongoing economic crisis and people have been aggressively buying gold to protect their cash from deflation.
The drop in the rupee value – which slumped to an all-time low of Rs201.41 against the US dollar in the interbank market – forced the gold trading body to revise up the bullion price significantly as Pakistan meets the local demand for the precious yellow metal through imports. In the international market, the price of yellow metal receded by $4 per ounce to settle at $1,858.
Gold rates in Pakistan are around Rs1,500 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged.
