Gold prices in Pakistan surged to an all-time high on Thursday as the Pakistani Rupee plummeted by Rs. 24.54 against the US Dollar.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs. 4,900 per tola to settle at Rs. 195,500. Similarly the price of 10 grams gold increased by Rs. 4,201 to settle at Rs. 167,610.
Spot gold in the international markets was up 0.2 percent to $1,936.72 per ounce at 18:20 PM, having reached an intraday high of $1,951 earlier today. Gold futures look set for more gains on Friday when markets open following steep currency movements in most emerging countries. Rates are expected to climb the $2,000 level in the next few days as people converge on the rare metal investment for bigger gains in the long term.
Despite high rates and inflationary growth on a daily basis, gold is regarded as a hedge against economic metrics such as currency and inflation and after today’s historic PKR drop, the rare metal is the best investment worth having.