KARACHI: Gold prices on Monday soared by Rs1,450 per tola and Rs1,243 per 10 grams as reached an all-time high of Rs147,250 and Rs126,243 amid continuous depreciation of the rupee against the US dollar.
In the international market, the price of yellow metal remained unchanged at $1,560.
Gold rates in Pakistan are around Rs3,000 below the cost compared to the rate in the Dubai market.
The precious commodity closed at a record high of Rs145,800 per tola and Rs125,000 per 10 grams on Saturday. Cumulatively, the yellow metal gained Rs3,650 per tola in Pakistan during the week ended June 18.
Significant fluctuations in the local currency coupled with speculations that the rupee will further depreciate added fuel to the already surging price of the yellow metal.
“Safe-haven buying can be seen in the market; however, local customers are staying on the sidelines due to lack of purchasing power,” a gold dealer told the media while describing the market scenario.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,560 and Rs1,337.44 today.
