Gold price in Pakistan crosses all-time high rate

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Islamabad: The gold price in Pakistan made a big jump to cross its all-time high value on a per tola basis on Thursday.

According to the All Sindh Sarafa Jewellers Association, the price of per tola gold increased by Rs1550 per tola to settle at Rs162,750. Similarly, the price of gold on a ten-gram basis also increased by Rs1329 to settle at Rs 139,532.

The uptrend in the demand for gold continued despite a sharp increase in the key policy rate by the State Bank of Pakistan. On Friday last week, the SBP decided to increase the policy rate by 100 basis points to curb inflation.

With the continuous winning sessions, gold has now crossed its all-time high of Rs162,500 per tola that it recorded on July 28.

It is also important to note that Pakistan fulfils its gold demand by importing the precious commodity. Therefore, the rise and fall in the price depend upon many factors, including prices in the international market, the PKR to the USD exchange rate, and the demand and supply in domestic markets.