Gold prices in Pakistan skyrocketed on Thursday after the Pakistani rupee fell by Rs. 19 to a new all-time low of 285 per US dollar.
The price of gold (24 carats) increased by Rs. 9,400 per tola, according to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), to settle at Rs. 206,500. Similarly, the price of ten grammes of gold rose by Rs. 8,058 to Rs. 177,040.
Meanwhile, silver prices in India rose to Rs. 2,200 per tola and Rs. 1,886.14 per 10 gramme.
Spot gold was down 0.1 percent to $1,835.72 in international markets earlier today, after reaching a one-week high of $1,841.4 on Wednesday. When markets open on Friday, gold futures are expected to be flat on the week’s close due to steep currency movements in most emerging markets. Rates are expected to remain in the 1,830-1,892 range in the coming days as investors flock to rare metals for higher long-term returns.
Despite daily high rates and inflationary growth, gold is regarded as a hedge against economic metrics such as currency and inflation, and the rare metal is the best investment worth having after today’s historic PKR drop.