Gold prices hits new peaks

KARACHI: Gold prices in Pakistan Wednesday touched new peaks as the rupee rout against the US dollar entered the third day in the interbank market.

The price of gold rose by Rs250 per tola and Rs214 per 10 grams to settle at an all-time high of Rs164,150 and Rs140,732, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Meanwhile, silver prices also reached all time high in the domestic market as its prices surged by Rs80 per tola and Rs68.59 per 10 grams to settle at Rs1,860 and Rs1,594.65.

On December 5, the yellow metal touched a record high of Rs164,000 per tola in the local market as the stability of the Pakistan rupee against the US dollar shifted investors’ focus towards a safe-haven asset.

The association mentioned that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs3,000 per tola compared to its price in Dubai. In the international market, Gold price registered a meagre decline of $1 per ounce settling at $1,774.