All-time high: Gold price jumps Rs1,500 per tola in Pakistan
Published11 months ago
KARACHI: As the Pakistani rupee continues to make and break records and explore new depths, the gold is also scaling to new peaks each day.
In line with the trend over last few sessions, the per tola (11.66 grams) gold price in Pakistan hit a fresh all-time high of Rs138,100 on Tuesday, providing protection to investors from rupee depreciation.
According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of gold per tola rose by Rs1,500. Meanwhile, the price rose by Rs1,286 per 10 grams to settle at Rs118,398.
With the latest increase of Rs1,500 per tola today, the gold price has surged by a total of Rs2,700 in the last three sessions (Saturday-Tuesday).
Gold has emerged as a safe asset in these challenging times of the economic crisis. People were aggressively buying gold to protect their cash from deflation.
The drop in the rupee value — which slumped to an all-time low of Rs195.74 against the US dollar in the interbank market — forced the gold trading body to revise up the bullion price significantly as Pakistan meets the local demand for the precious yellow metal through imports.
In the international market, the price also of yellow metal reversed the bearish trend recording a significant increase of $34 per ounce to settle at $1,833.
Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market rose by Rs10 per tola and Rs8.58 at Rs1,570 and Rs1,346.02 today.
You may like
International News Popular NewsIndian police shoot dead two Muslims protesting against BJP spokesperson's blasphemous remarks
International News Popular NewsWill provide oil on cheap rates if Pakistan govt contacted us: Russian Consul General
Pakistan Politics Popular NewsAlleged audio tape of Malik Riaz giving Imran Khan's message to Asif Zardari leaked
International News Popular NewsAl Jazeera to refer killing of its journalist to International Criminal Court
International News Must Read Popular NewsWoman reunited with Sikh brothers at Kartarpur after 75 years
Pakistan Politics Popular NewsFIR registered against Imran Khan, others in connection with Masjid-e-Nabawi incident
Pakistan Politics Popular NewsSaudi embassy confirms arrest of several pilgrims for protest at Masjid-e-Nabawi
International News Popular NewsChina condemns Karachi terrorist attack, demands thorough investigation
Pakistan Politics Popular NewsBilawal Bhutto, Fazal ur Rahman to accompany PM Shehbaz on visit to Saudi Arabia
International News Popular NewsStrong, prosperous Pakistan critical to US interests: State Department
Pakistan Politics Popular NewsHow much Imran Khan's helicopter commute cost during his 3.5-year tenure?
International News Popular NewsWe don't support one political party over another: US State Department
International News Popular NewsPentagon sees continuation of military-to-military ties with Pakistan despite change in government
International News Popular NewsDemocratic Pakistan critical to US interests, White House says after Shehbaz becomes PM
International News Politics Popular NewsNo, Imran, no remittances: PTI activists hold demonstrations in London
International News Pakistan Popular NewsPakistan's ambassador meets US military, State Department officials
Pakistan Politics Popular NewsElection Commission excuses itself from holding next general polls in 90 days
International News Popular NewsIndia’s noncompliance with UN Kashmir resolutions, arms buildup threaten peace: Pakistan
International News Popular NewsEighty new prayer halls opened at Makkah’s Grand Mosque as part of third phase of expansion’
Pakistan Politics Popular NewsWill DG ISPR clarify did NSC meeting declare 197 members of NA traitors: Bilawal Bhutto
International News Popular NewsSmall countries not to be targeted in 'great power game': Chinese FM
Pakistan Politics Popular NewsNo-trust Motion: Farogh Nasim confirms his resignation as Law Minister
Pakistan Politics Popular NewsIslamabad Court grants life imprisonment to Usman Mirza and five others
Pakistan Politics Popular NewsPM Imran urges nation to attend PTI's March 27 gathering in Islamabad
Must Read Pakistan Popular NewsEgyptian foreign minister arrives in Islamabad to attend OIC FM meeting
International News Popular NewsRussia, Ukraine agree day-long evacuation corridors: Ukraine official
International News Popular NewsRussia-Ukraine conflict: Pakistan, China abstain from voting on UNGA resolution
International News Popular NewsRussian President Putin recognises independence of pro-Russian separatists in Ukraine
International News Popular NewsIt is woman's right to decide what she wants to wear, Congress leader speaks in favor of Muskan
International News Popular NewsTaliban offer refuge to pregnant journalist denied re-entry to New Zealand