Gold prices in Pakistan remain on record spree
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Gold prices continued to shatter records in the Pakistani market as it reached a new all-time high on Thursday, reported 24NewsHD TV channel
The price of 24-Karats gold rose by Rs450 per tola and Rs129 per 10 grams to reach Rs218,800 and Rs187,586, respectively.
The price of gold has risen sharply recently on the back of a weakened rupee and soaring inflation. During times of economic turmoil, people prefer to buy gold as a hedge against inflation and the rupee's devaluation. The delay in the IMF deal also increased the demand for gold.
The price of gold in the international market also increased by $1 per ounce as one ounce of gold is being traded for $2,001.
The price of silver in the domestic market, which also reached a record high yesterday, remained unchanged. The rate of silver was Rs2,570 per tola and Rs2,203.36 per 10 grams, respectively.