Islamabad: The price of gold jumped to a new all-time high in Pakistan on Thursday after per tola price went up by a massive Rs4,900.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold surged by Rs4,900 per tola and Rs4,201 per 10 grams to settle at Rs195,500 and Rs167,610.
The price of the precious metal came after the Pakistani rupee took a massive hit on Thursday, undergoing Rs24.54 depreciation against the US dollar in the interbank market.
The local currency lost nearly 10% of its value against the greenback after the Exchange Companies Association of Pakistan (ECAP) removed the price cap.
These factors have contributed to the sudden rally in gold prices as the per tola price went up by Rs10,200 in the last five sessions.
Similarly, silver prices in the domestic market surged by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,150 and Rs1,843.28, respectively.
