In Karachi, the price of gold surged on Wednesday to reach a six-month peak of Rs225,400 per tola (11.66 grams), mirroring the upward trend in the global market, which reached an unprecedented high.
Meanwhile, the Pakistani rupee continued its decline for the fourth consecutive working day, closing at Rs279.35 against the US dollar in the inter-bank market. According to data from the State Bank of Pakistan (SBP), the local currency depreciated by Rs0.04 on a day-on-day basis.
The All Pakistan Saraf Gems and Jewellers Association reported a Rs1,500 increase per tola in the price of bullion, marking a cumulative surge of 5%, or Rs10,600, over the past six successive working days.
Adnan Agar, Director of Interactive Commodities, stated that gold reached a historic high of $2,149 per ounce (31.10 grams) in the international market, following a rapid increase of nearly $100 over the past three days.
He explained that global investors were turning to gold amid speculation that the US central bank might lower interest rates in the coming months.
