Islamabad: Climbing to a new all-time high amid the free-fall of the Pakistani rupee, the price of gold in Pakistan rose by Rs1,500 per tola on Monday.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold on Monday soared by Rs1,500 per tola and Rs1,286 per 10 grams to settle at Rs210,500 per tola and Rs180,470 per 10 grams, respectively.
Dealers, who were already eyeing the Rs200,000+ per tola rate since the current price hike spree, cited record-breaking rupee devaluation and a steep decline in the foreign exchange reserves in the country as major factors contributing towards the massive price hike in the bullion market.
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.
Meanwhile, the price of one tola and ten-gram silver remained constant at Rs 2,300 and Rs 1,886.14, respectively.
