Islamabad: The gold price in Pakistan continued inching towards its all-time high as it further jumped by nearly 2% on Monday due to the economic uncertainties brewing as a result of the devastations caused by the catastrophic flash floods.
The price of gold jumped by Rs3,000 per tola and Rs2,572 per 10 grams to reach Rs156,000 and Rs133,745 in Pakistan, respectively.
The rally in gold prices is due to the constant deterioration of the Pakistani rupee’s value against the US dollar and soaring inflation in the country.
It should be noted that the rupee has depreciated by over 10% in the current fiscal year 2023 (July 1, 2022, to date) to Rs228.18 against the US dollar at the interbank market.
On July 28, the price of a tola reached an all-time high of Rs162,500; it then swiftly fell to Rs134,200 before rising once more.
In the last five sessions, the price jumped from Rs151,150 per tola to Rs156,000.
Meanwhile, silver prices in the domestic market gained Rs30 per tola and Rs25.72 per 10 grams to settle at Rs1,570 per tola and Rs1,346.02 per 10 grams.
