On Monday, gold prices in the local market rose by Rs1,450 per tola to a new all-time high, pushed up by the Pakistani currency’s continued depreciation against the US dollar.
Despite no change in gold rates in the international market, gold rates in the local market increased to Rs147,250 per tola, according to data released by the All Sindh Saraf Jewelers Association. Similarly, the price of a gramme of gold increased by Rs1,243 to Rs126,243.
However, gold prices on the international market remained unchanged at $1,840 per ounce.
The price of silver per tola remained unchanged at Rs1,560. The price of a gramme of silver also remained unchanged at Rs1,337.44. When compared to rates in the Dubai gold market, local jewellers said prices in the local market remained below Rs3,000 per tola.
Pakistani rupee dips to new lows
Experts predict that the Pakistan rupee will continue to fall against the US dollar and other major currencies owing to concerns regarding the IMF’s $6 billion program’s restoration, the country’s expanding current account deficit, and dwindling foreign exchange reserves.
The PKR which lost 32.5 per cent of its value in the current financial year 2021-22 is forecasted to remain under stress as the dollar is in high demand in the market due to economic crises.
The central bank appears helpless to stem the rupee’s speculative fall, as demand for the US dollar continues to rise due to quarter-end payment strain.
