Gold prices reached an all-time high in Pakistan, surging past Rs215,000 per tola due to the country’s declining currency value and economic tensions amid an International Monetary Fund (IMF) review of external financing commitments from friendly countries.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of gold (24 carats) increased by Rs2,500 per tola and Rs2,142 per 10 grams to settle at Rs217,000 and Rs186,042.
Investors turned to gold as a hedge against inflation, which hit 35.4% in March, as consumer prices rose at some of the fastest rates in years.
The precious commodity gained Rs8,700 per tola during the week as traders followed its international price in setting rates.
Meanwhile, silver prices remained stable at Rs2,450 per tola and Rs2,100.48 per 10 grams in the domestic market.
Great