Gold price in Pakistan crosses Rs2 lac per tola

Gold price in Pakistan

Islamabad: Amid the continuous battering of the Pakistani rupee by the US dollar both in the interbank and open markets, the per tola price crossed Rs2 lac for the first time in the country’s history.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold on Friday soared by Rs7,000 per tola and Rs6,000 per 10 grams to settle at Rs202,500 per tola and Rs173,610 per 10 grams, respectively.

The surge in the demand for the precious metal came after the Pakistani rupee slid to its lowest levels against the US dollar in the interbank market on Thursday and Friday. In the two sessions combined, the PKR depreciated 12.34% or Rs31.71.

According to sources, people are purchasing only gold bars, not jewelry, which has not only reduced goldsmiths’ profit margins, but the labor force is also at the stake of losing jobs.

Similarly, silver prices in the domestic market surged by Rs50 per tola and Rs42.86 per 10 grams to settle at an all-time high of Rs2,200 and Rs1,886.14, respectively.