Gold prices in Pakistan soared to another all-time high on Friday as the Pakistani rupee depreciated further against the US dollar.
According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), the price of gold (24 carat) increased by Rs. 7,000 per tola to settle at Rs. 202,500. Similarly 10 gram gold price increased by Rs. 6,000 to settle at Rs. 173,610.
Market players attribute gold’s record high to the depreciation of the rupee, which fell by another Rs. 7 today, after posting its biggest one-day drop in both absolute and percentage terms in more than two decades on Thursday.
In the global market, gold prices were steady on Friday as strong US economic data was seen as a catalyst for the Federal Reserve to keep interest rates high for longer, however, caution ahead of data on inflation and the upcoming policy meeting put a floor below prices. Spot gold was up 0.1 percent at $1,930.48 an ounce by 1255 GMT after falling nearly 1 percent in the previous session after the U.S. data.