Gold price rise to record high of Rs202,500 per tola
On Friday, domestic gold prices reached an all-time high of Rs202,500 per tola after rising by Rs7,000, as the Pakistani rupee continued to weaken against the US dollar.
The price of the yellow gold in 10-gram increments increased by Rs6,000 to Rs173,610, according to the All Sindh Sarafa Jewellers Association (ASSJA).
However, the exchange rate on the global market dropped to $1,936 after losing $6.
The news comes as the rupee hit a new low against the dollar in the interbank market, falling by 7.17 rupees, or 2.73 percent, from yesterday’s close, to reach Rs262.6.
The value of the local currency fell byRs24.54 on Thursday, reaching a record low of Rs255.43 in the interbank market. Therefore, this was the biggest one-day fall in both absolute value and percentage terms since the new exchange rate system was adopted in 1999.
Furthermore, the ASSJA Vice President Junaid Samiwala told Dawn.com that the sharp increase in the dollar rate was to blame for the spike in gold prices.
“The quick climb in gold rates will end and the price of the yellow metal will go down if the value of the dollar stabilises between Rs260 and Rs265,” he continued.
The common man continues to worry as Gold price rise to record high of Rs202,500 per tola.
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