On Thursday, gold prices in Pakistan reached an all-time high as the Pakistani rupee fell by Rs. 24.54 against the US dollar.
The price of gold (24 carats) increased by Rs. 4,900 per tola, according to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), to settle at Rs. 195,500. Similarly, the price of 10 grams of gold rose by Rs. 4,201 to Rs. 167,610.
Spot gold was up 0.2 percent to $1,936.72 per ounce in international markets at 18:20 PM, after reaching an intraday high of $1,951 earlier today. Gold futures are expected to rise further when markets open on Friday, following sharp currency movements in most emerging markets. Rates are expected to rise above $2,000 in the coming days as investors flock to the rare metal investment for higher long-term returns.
Despite daily high rates and inflationary growth, gold is regarded as a hedge against economic metrics such as currency and inflation, and the rare metal is the best investment worth having after today’s historic PKR drop.