Gold rates reach all-time high, Dollar surge continues
- By Web Desk -
- May 16, 2022
Karachi: Gold rates on Monday reached an all-time high of Rs1,36,600 per tola, and PKR depreciated by Rs1.65 against the USD in the interbank, ARY News reported.
According to Sindh Sarrafa Bazar Jewellers Association, the price for one tola 24kt Gold increased by Rs700 on Monday to settle at an all-time high of Rs1,36,600.
However, the price of the precious metal dropped in the international market. The price for an ounce of 24kt gold dropped by $14 to sell at $1799.
Dollar Rate
Meanwhile, the US dollar also continued its appreciation against the local currency on the first business day of the week.
Also Read:Gold experiences sharp rise locally, drops globally
According to data provided by the State Bank of Pakistan (SBP), the PKR depreciated by 0.85 per cent or Rs1.65 on Monday to settle at Rs194.18 in the interbank market.
According to market experts, the historic spike in the rates of Gold is primarily driven by the devaluation of the local currency. The weakening of the currency impacted the price of gold as Pakistan is a net importer of precious metal.
In inflationary conditions, investors often buy gold prevention a from the devaluation of the respective local currency.