ISLAMABAD - Gold Prices in Pakistan hit historic level of history.
Domestic gold rate has hit an all-time high of Rs 72,000 per tola, resulting in severe consequences for goldsmiths across Pakistan.
Pakistan’s rupee has weakened to a record low in an apparent devaluation, a few days after the country secured a bailout from the International Monetary Fund (IMF) that investors speculate includes tough conditions to reform the economy, including the rate of the US dollar.
With the spike in the rate of the US dollar against rupee, analysts predict that the gold rate would rise further.
Spot gold fell 0.8% to $1,276.25 per ounce as of 1:46pm at 1746 GMT on Friday, having dropped to its lowest since May 3 at $1,274.51 earlier in the session.
The dollar advanced on the back of strong US economic data, putting the metal on track for its biggest weekly decline in a month.
The metal is down 0.7% for the week so far, which could be its biggest weekly decline since April 19.