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Gold prices witness another spike as rupee value plummets

Price of gold goes up to Rs1,42,400 per tola
Published 18 Jul, 2022 07:32pm

Gold prices in Pakistan jumped yet again as the rupee hit another all-time low against the dollar while the country remains mired in political uncertainty following the results of the Punjab by-elections.

The price of per tola gold increased by Rs1,550 per tola, according to the Sindh Sarafa Jewelers Association. After the increase, the price of gold has gone up to Rs1,42,400 per tola.

The value of 10 grams of gold has increased by Rs1,329 and is now at Rs122,085.

The rupee took a battering on Monday, closing at a record low of 215.2 after a depreciation of nearly 2% against the US dollar in the inter-bank market as political uncertainty after Punjab by-polls threw the market into a frenzy.

As per the State Bank of Pakistan (SBP), the rupee closed at 215.2 after depreciating 1.97%. This is the weakest closing level for the rupee. Its previous record low was 211.93 against the US dollar on June 22, 2022.

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