Karachi: The per tola gold price on Friday climbed to an all-time high of Rs162,500, posting a jump of Rs 1100.
According to the All Pakistan Jewellers Manufacturers Association (APJMA), the 10-gram rate also soared to Rs 139,318.
Gold dealers said that the massive depreciation in the rupee value against the dollar is one of the main reasons for pushing up the yellow metal rates.
Rupee ends 10-session depreciation run, closes at 239.37
The rupee’s 10-session depreciation run finally took a halt, as the local currency registered a marginal improvement against the US dollar in the inter-bank on Friday. The rupee, however, remained at the 239 level.
As per the State Bank of Pakistan (SBP), the rupee closed at 239.37, a day-on-day gain of Rs0.57 or 0.24%, against the greenback.
— SBP (@StateBank_Pak) July 29, 2022
On Thursday, the rupee closed at 239.94, a day-on-day fall of Rs3.92 or 1.63%, amid pressure due to import payments and the government’s reported inability to intervene.