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Gold prices see massive increase of Rs10,500 in single day

KARACHI: Pakistan’s rupee continuous losing streak has been a key factor in the recent trend of soaring gold prices as the price of gold saw a whopping increase of Rs10,500 per tola in a single day on Thursday to Rs162,500, the highest in the country’s history.

The price of per 10-gram gold has increased by Rs8,288 to Rs139,318.

The rupee has lost around Rs15 in its value against the US dollar since the July 17 Punjab by-elections, which stoked political uncertainty in the country.

The price increased on the back of rising international gold prices and the declining value of the Pakistani rupee, according to the All Sindh Sarfa Association.

Gold has increased by $29 to $1750 per ounce on the international market, it said.

This international price hike was caused by the US Federal Reserve increasing the interest rate by 75 basis points.

The price of silver — which usually remains unchanged for months — also increased by Rs30 per tola and Rs25.72 per tola to Rs1630 and Rs1397.64, respectively.

The price increased on the back of silver prices going to $19.67 per ounce.

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