Gold price soars to record high of Rs202,500 per tola – Business

As the Pakistani rupee continued to depreciate against the US dollar, domestic gold prices on Friday hit an all-time high of Rs202,500 per tola after gaining Rs7,000.

According to the All Sindh Sarafa Jewellers Association (ASSJA), the 10-gram rate of the yellow metal jumped Rs6,000 to Rs173,610.

On the other hand, the rate in the international market decreased to $1,936 after losing $6.

The development comes as the rupee plunged to a new low of Rs262.6 against the dollar in the interbank market, down Rs7.17 or 2.73 per cent from yesterday’s close.

On Thursday, the local currency’s value had declined Rs24.54 to a record low of Rs255.43 in the interbank, the largest single-day depreciation in both absolute and percentage terms since the new exchange rate system was introduced in 1999.

ASSJA Vice President Junaid Samiwala told that the surge in gold prices was because of the steep rise in the dollar rate.

“If the value of the dollar stabilises between Rs260 and Rs265, the rapid increase in gold rates will cease and the price of the yellow metal will go down,” he added.

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