KARACHI – Amid the upward trend in the international market, gold prices in Pakistan witnessed a big single-day hike on Thursday, while the local currency is sliding to an all-time low.
Gold prices saw upward trajectory in Pakistan on Thursday, as the yellow metal increased more than Rs10,000 in a couple of days.
Data shared by the All-Pakistan Sarafa Gems and Jewellers Association shows per tola gold price in Pakistan increased by 3,400, while the price of 10 grams of yellow metal saw an increase of Rs2,915.
With the latest tweak, the price of per tola gold stands at Rs239,400, and 10 grams stand at Rs205,590.
Globally, the prices of yellow metal hovered around $1,945 per ounce while silver remained at $24.56 per ounce.
Gold remained volatile in Pakistan amid continued political and economic uncertainty and soaring inflation, and people prefer to buy bullion in such times as a safe investment.
Pakistani rupee, on the other hand, plummeted in value to more than 305 against the US dollar in interbank as people fear that basic commodities like food and fuel could get more expensive as consumers are already facing back-breaking inflation.
State Bank shares update, showing that local currency moved down by Rs1.09 in the 10th successive fall as the cumulative loss in the local unit reached around 5 percent in the last two weeks.
