Gold prices in Pakistan soared to an all-time high on Thursday as the Pakistani rupee depreciated by Rs. 24.54 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. 4,900 per tola to settle at Rs. 195,500. Similarly the price of 10 grams of gold increased by Rs. 4,201 to settle at Rs. 167,610.
Spot gold on international markets was up 0.2% at $1,936.72 an ounce at 6:20 p.m., having hit an intraday high of $1,951 earlier today. Gold futures look poised for more gains on Friday when markets open after sharp currency moves in most emerging economies. Prices are expected to rise to the $2,000 level in the coming days as people flock to rare metal investing for greater long-term gains.
Despite the high rates and inflationary growth on a daily basis, gold is seen as a hedge against economic metrics like currency and inflation and after today’s historic fall in PKR, the rare metal is the best investment worth making.