KARACHI – Gold prices continued their record-breaking spree on Thursday asone-tola hits an all-time high of 195,500 after gaining Rs4,900.
According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA),the price of 10 grams witnessed an increase of Rs4,201 to settle atRs167,610.
Further, the bullion rate in the international market reached to $1,936after a surge of $11.
Pakistani rupee plunged drastically to approach an all-time low, days aftercurrency exchangers lifted a cap on the rupee-dollar rate.
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The jump in gold prices comes as weakening rupee valued pushed investors tothe safety of bullion to hedge against deepening economic turmoil in thecountry.
Earlier in the day, Pakistani rupee plunged drastically to approach anall-time low, days after currency exchangers lifted a cap on therupee-dollar rate. The local currency plummeted to Rs255.43 against thedollar in the interbank market on Thursday, sliding Rs24.54 or 9.61 percent from yesterday’s close.
