The price of gold in Pakistan surged to a new all-time high on Tuesday after rising by Rs. 5,000 per tola.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went up by Rs, 5,000 per tola to Rs. 214,500 while the price of 10 grams went up by Rs. 4,288 to Rs. 183,900.
Cumulatively, gold has gained over Rs. 6,000 per tola during the last two sessions (Monday-Tuesday). The price of gold went up by Rs. 1,200 per tola on Tuesday.
The Pakistani rupee also hit a new all-time low of Rs. 287.29 against the US dollar today in the interbank market. The rupee slipped as uncertainty around the revival of the International Monetary Fund (IMF) program continues with no clear indication from the government on when a staff-level agreement will be signed.
However, in the international market spot gold fell 0.2 percent to $1,979.69 per ounce by 1131 GMT, while US gold futures were also down to $1,996.40.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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