KARACHI: As the Pakistani rupee continues to make and break records and explore new depths, the gold is also scaling to new peaks each day.
In line with the trend over last few sessions, the per tola (11.66 grams) gold price in Pakistan hit a fresh all-time high of Rs138,100 on Tuesday, providing protection to investors from rupee depreciation.
According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of gold per tola rose by Rs1,500. Meanwhile, the price rose by Rs1,286 per 10 grams to settle at Rs118,398.
With the latest increase of Rs1,500 per tola today, the gold price has surged by a total of Rs2,700 in the last three sessions (Saturday-Tuesday).
Read more: Dollar reaches new record of Rs196.5
Gold has emerged as a safe asset in these challenging times of the economic crisis. People were aggressively buying gold to protect their cash from deflation.
The drop in the rupee value — which slumped to an all-time low of Rs195.74 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 also of yellow metal reversed the bearish trend recording a significant increase of $34 per ounce to settle at $1,833.
Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.
