As the Pakistani Rupee continued to weaken against the US Dollar on Friday, gold prices in Pakistan soared to yet another record high.
The price of gold (24 carats) climbed by Rs. 7,000 a tola, to settle at Rs. 202,500, according to data made public by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). The cost of 10 grammes of gold also climbed by Rs. 6,000, ending at Rs. 173,610.
The devaluing rupee, which fell another Rs. 7 today after Thursday’s worst single-day fall in both absolute and percentage terms in more than two decades, has been blamed by market participants for gold’s record-breaking run.
On the global market, gold prices were stable on Friday as the Federal Reserve was expected to keep interest rates high for longer due to strong US economic data. However, prudence in advance of inflation data and the upcoming policy meeting kept prices in check.
After falling by almost 1% the day before after the US statistics, spot gold edged up 0.1 percent to $1,930.48 per ounce by 1255 GMT.
