Gold prices in Pakistan surged to another all-time high on Friday as the Pakistani Rupee depreciated further 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. 7,000 per tola to settle at Rs. 202,500. Similarly the price of 10 grams gold increased by Rs. 6,000 to settle at Rs. 173,610.
Market players have attributed gold’s record-breaking run to the depreciating rupee, which slid by another Rs. 7 today after registering the largest single-day decline in both absolute and percentage terms in over two decades on Thursday.
In the international market, gold prices steadied on Friday as robust US economic data was seen as a catalyst for the Federal Reserve to keep interest rates high for longer, however, caution ahead of inflation data and the upcoming policy meeting put a floor under the prices.
Spot gold ticked 0.1 percent higher to $1,930.48 per ounce by 1255 GMT after retreating nearly 1 percent in the previous session following the US data.