Gold prices in Pakistan surged massively on Thursday after the Pakistani Rupee plummeted by Rs. 19 against to a new all-time low of 285 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. 9,400 per tola to settle at Rs. 206,500. Similarly, the price of 10 grams of gold increased by Rs. 8,058 to settle at Rs. 177,040.
Meanwhile, silver prices in the domestic market increased to Rs. 2,200 per tola and Rs. 1,886.14 per 10 grams.
Spot gold in the international markets was down 0.1 percent to $1,835.72 earlier today, having reached a 1-week peak of $1,841.4 on Wednesday. Gold futures look set for flat trends on the week’s close when markets open on Friday following steep currency movements in most emerging countries. Rates are expected to remain in the 1,830-1,892 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.
Mashallah