Pakistan’s gold prices rose to a new record high on Wednesday, with the price of 24-carat gold increasing by Rs450 per tola and Rs386 per 10 grams to reach Rs218,650 and Rs187,457, respectively.
The surge in gold prices is due to a weakened rupee and soaring inflation, with economic uncertainty driving people towards gold as a hedge against inflation and the rupee’s devaluation.
Furthermore, the delay in an IMF bailout agreement has negatively impacted the currency market, further boosting the demand for gold. The price of silver also reached a new record high, with the rate increasing by Rs40 per tola and Rs33.36 per 10 grams.
Gold had reached a previous record high of Rs218,600 per tola on April 14.
Silver prices in the domestic market have also reached a new record high, increasing by Rs40 per tola and Rs33.36 per 10 grams, reaching Rs2,570 and Rs2,203.36, respectively. With the economic uncertainty and ongoing pandemic, the prices of precious metals continue to rise globally.