Gold Rates Skyrocket to Another All-Time High As PKR Downfall Continues

Gold prices in Pakistan surged to an all-time high on Monday as the Pakistani Rupee continues its historic slump against the US Dollar. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased to settle at Rs. 210,500. Similarly the price of 10 grams gold increased to Rs. 180,470. Financial markets have credited gold’s record-breaking run to the rupee’s depreciation, which fell another Rs. 7 today after maintaining its historic downward slump for the 3rd consecutive day today. Spot gold in the international markets was largely stable but looks set for seventh consecutive weekly gains after rising 0.3 percent to $1,934.32 per ounce at 17:40 PM, having reached an intraday high of $1,935 earlier today. Analysts on commodity watch suggest that spot gold may break a support at $1,950 and stay in the range of $1,935 to $1,965 per ounce as early as Thursday this week. Asian markets are bracing for big movements throughout February as the Chinese economy continues to open up. There will be more industry and luxury demand for gold since the market continues to play big, and bullion could thrive in a lower-rate-hike environment.