On Wednesday, the price of gold in Pakistan rose to an all-time high, reaching Rs152,000 per tola, primarily as a result of increased demand and the weakening of Pakistani rupee (PKR).
Just on Wednesday, gold prices increased by Rs2,500. The price per tola has climbed by a total of Rs10,900 since July 1 with the most recent hike.
Pakistan often follows the trajectory of the global market for bullion and other precious metals. A declining rupee, however, has altered the situation.
According to Akhtar Tesori, chairman of the Pakistan Gems Jewellery Traders and Exporters Association (PGJTEA), demand for gold jewelry was significantly decreased in the country during the past several months.
In the interbank market on Wednesday, the rupee finished at Rs236.02. This is a new record low for the rupee versus the US dollar.
The cost of silver in the domestic market remained steady at Rs1,600 for a tola and Rs1,371.74 for a gramme.
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