Gold price hits all-time high of Rs195,500 per tola after removal of an unofficial dollar cap
Gold prices in Pakistan continued their record-breaking spree as the price of 24 karat gold reached an all-time high of Rs195,500 after gaining Rs4,900.
In addition, the price of 10 grammes also witnessed an increase of Rs4,201 to settle at Rs167,610, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
Moreover, the bullion rate in the international market reached $1,936 after a surge of $11.
The Pakistani rupee (PKR) on Thursday dropped drastically to approach an all-time low, days after exchange companies abolished the cap on the rupee-dollar exchange rate.
The sudden hike in yellow metal prices comes as the weakening rupee pushed investors to the safety of bullion to hedge against intensifying economic turmoil in the country.
On Thursday, the local currency crashed to approach another historic low, as it dropped to Rs255.43 versus the US dollar in the interbank market, sliding Rs24.54 or 9.61 per cent from Wednesday’s close, according to the State Bank of Pakistan.
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