Gold prices in Pakistan witnessed a major increase on Monday and went up by Rs. 1,200 per tola as the Pakistani rupee lost further ground against the US dollar.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went up by Rs, 1,200 per tola to Rs. 209,500 while the price of 10 grams went up by Rs. 1,028.
The surge in prices took the price of gold to its second-highest level in history. The previous highest recorded price of gold (24 carats) was Rs. 210,500 on January 30. The prices went down to Rs. 192,200 by mid-February but once again look set to break the previous all-time high record.
The rupee remained under pressure against the dollar, depreciating by 0.44 percent in the inter-bank market today to close at 285.04.
In the international market, spot gold gained 0.9 percent to $1,985.76 per ounce by 15:00 GMT while the US gold futures gained 0.9 percent to $2,003.60.
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