KARACHI – Amid the political, economic, and legal crisis in the South Asian nation, gold continued to steal the limelight in the local markets, with prices hitting a record high of Rs Rs214,500 per tola on Tuesday evening.
The prices of per tola and per 10 grams of gold increased by a staggering Rs5,000 and Rs4,288. The jump in the price of precious metal comes as the weakening local currency value pushed investors to the safety of gold to privet amid the economic meltdown.
Besides the huge increase in gold prices, the Pakistani rupee touched a historic low against the dollar. Data shared by the State Bank of Pakistan (SBP) suggest that PKR closed at 287.29, with a loss of Rs2.25.
The country of over 220 million is facing back-to-back blows for reviving the stalled IMF bailout funds to avert debt default on international payments.
Following the stern requisites of the IMF and amid back-breaking inflation, the State Bank of Pakistan also increased its benchmark policy rate by 100 basis points to a new record high of 21 percent.