Gold prices witness massive increase in Pakistan
- By Web Desk -
- Mar 03, 2023
KARACHI: As the Pakistani rupee plunged to a historic low against the US dollar in the interbank, domestic prices of per tola gold soared to Rs206,500 after gaining Rs9,400.
According to the All Sindh Sarafa Jewellers Association (ASSJA), the 10-gram rate of the yellow metal jumped Rs8,058 to Rs177,040.
On the other hand, the gold rate in the international market reached $1,836 after losing $1.
Meanwhile, silver prices in the domestic market jumped by Rs120 per tola and Rs102.88 Rs2,200 per tola and Rs1,886.14 per 10 grams, respectively.
Read more: PAKISTAN-IMF AGREEMENT: GOVT AGREES ON RAISING ELECTRICITY, GAS PRICES
The development comes after the rupee plunged by nearly Rs19, or 6.66%, against the US dollar to close at 285.09 against the dollar in the interbank market.
Analysts attributed the downtrend to the delay in signing the staff-level agreement with the International Monetary Fund (IMF), as well as the impending policy rate hike by the central bank.