Gold prices in Pakistan shatter another record
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The gold prices in Pakistan continued their record-breaking spree as they shattered another record Saturday amid persisted economic woes of the country and a delay in a deal with the International Monetary Fund (IMF) programme.
The rate of 24-Karats gold increased by Rs800 per tola and Rs686 per 10 grams to settle at Rs219,500 and Rs188,186, respectively.
The rate of gold in the international market rose by $6 to reach $1,990 per ounce. Consequently, the price of the precious metal also rose in Pakistan.
The gold rate has been on a steady uptrend in Pakistan, as economic fundamentals weakened, the rupee depreciated and inflation soared to record highs. During such times, people prefer to buy the precious metal to protect themselves against inflation and currency depreciation.
Data shared by the association showed that the price of silver remained stable at Rs2,600 per tola and Rs2,229.08 per 10 grams, respectively.