Gold Price in Pakistan Jumps to Another Record High

The price of gold in Pakistan continued its devastating surge with another major increase on Wednesday that took it to another record high. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went up by Rs, 2,500 per tola to Rs. 217,000 while the price of 10 grams went up by Rs. 2,142 to Rs. 186,042. Cumulatively, gold has gained over Rs. 8,500 per tola during the last three sessions. The price of gold went up by Rs. 1,200 per tola on Tuesday and saw an increase of Rs. 5,000 per tola on Wednesday. The Pakistani rupee also hit a new record low today and closed at 287.85 against the US dollar. The continued delay in the staff-level agreement with the International Monetary Fund (IMF), the uncertain political situation, and countries worsening economic indicators have all contributed to the rupee’s slide. Gold prices in the international market also hit their highest since March 2022. Spot gold was up 0.1 percent to $2,022.79 per ounce by 1120 GMT, while US gold futures stood at $2,038.10.