Gold rates increase once again as rupee bloodbath continues

KARACHI: Bullion rates in Pakistan have reported another surge, on Thursday, this time by Rs1,200 a tola as the US dollar continues to peak against weak rupee, ARY News reported.

The new rates after the increase today is 124,000 per tola of gold in the markets. In the 10 gram value, another standard weight of bullion, Rs1,029 have increased to now sell at Rs106,301.

However, in the global markets, the bullion rates have seen slide by $3 an ounce which is now available for $1,781 at the moment, said Chairman All Pakistan Jewelers Manufacturing Association, Muhammad Arshad.

Rupee hits new record low against US dollar

It is pertinent to note that in the close today, the Pakistani rupee lost sizeable ground and hit a new record low against the greenback in the inter-bank currency market.

The local unit finished at 173.96 against the US dollar, registering depreciation of Rs0.49 or 0.28 per cent over the previous close of Rs173.47, according to the State Bank of Pakistan (SBP).