KARACHI – Gold prices in Pakistan skyrocketed on Monday as one-tola and 10-gram rates hit an all-time high of 200,000 and Rs180,040.
All Sindh Sarafa Jewellers Association (ASSJA) said the price of the precious metal touched new high as the leading players of the money market big are investing money in gold for quick gains.
The yellow metal increased amid a possible push from a retreating local currency that continues to turn dollar-backed safe-haven metal costlier, as all eyes are on monetary policy meeting.
As gold moved up, Pakistani currency moved down by 0.44 percent against the high-flying dollar in the interbank market. PKR settled at 285.04, with a loss of Rs1.25.
The recent changes occurred as Pakistan’s central bank is likely to increase the policy rate by 100-200 basis points as inflation breaks record in over a half-century – hovering at 35.37 percent.
