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KARACHI: Gold on Monday continued its upward streak as prices reached record Rs148,300 per tola. Gold prices in the local bullion market soared by Rs2,000 per tola, while 10 grams prices upped by Rs1,714 to reach an all-time high of Rs148,300 and Rs127,143 amid continuous depreciation of the rupee against the US dollar.
The precious commodity has emerged as a safe asset in these challenging times of the economic and political crisis. People were aggressively buying gold to protect their cash from deflation.
The shining mettle closed at a record high of Rs147,250 per tola and Rs126,243 per 10 grams on June 20. Cumulatively, the yellow metal gained Rs4,300 per tola in Pakistan during the last four sessions.
Significant fluctuations in the local currency coupled with speculations that the rupee will further depreciate added fuel to the already surging price of the yellow metal.
In the international market, bullion prices rose by $2 per ounce to settle at $1,730 — staying above the key level of $1,700.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,580 per tola and Rs1,354.60 per 10 grams today.
