Gold Rates Skyrocket to Another All-Time High As PKR Downfall Continues

On Monday, gold prices in Pakistan reached an all-time high as the Pakistani rupee continued its historic slide against the US dollar.

According to Karachi Saraf Jewelers Association data, the price of gold (24 carats) increased by Rs. 3,500 per tola to Rs. 211,900. Similarly, the price of 10 grammes of gold rose by Rs. 8,060 to Rs. 181,670.

Financial markets have attributed gold’s record-breaking run to the rupee’s depreciation, which fell another Rs. 7 today after continuing its historic decline for the third day in a row.

Spot gold in international markets was mostly stable, but it appears to be on track for a seventh consecutive weekly gain after rising 0.3 percent to $1,934.32 per ounce at 17:40 PM, after reaching an intraday high of $1,935 earlier today. According to commodity analysts, spot gold may break a support level of $1,950 and remain in the $1,935 to $1,965 per ounce range as early as Thursday this week.

As the Chinese economy continues to open up, Asian markets are bracing for big moves in February. As the market continues to play big, there will be more industry and luxury demand for gold, and bullion could thrive in a lower-rate-hike environment.

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