Gold tops Rs200,000 per tola as rupee extends rout
Cumulatively, gold price rose by Rs17,200 per tola since January 20
The price of gold in Pakistan Friday marched past the major psychological threshold of Rs200,000 per tola for the first time, the dealers said, pinning the upsurge on the rupee free fall that ensued after money changers gave up on a self-imposed cap on the exchange rate.
According to the All-Pakistan Sarafa Gems and Jewellers Association's (APSGJA) data, 24-carat gold prices increased Rs7,000 per tola and Rs6,000 per 10 grams to settle at Rs202,500 per tola and Rs173,610 per 10 grams, respectively.
Goldsmiths, who were already expecting a hike in rates of the yellow metal, termed the record-breaking rupee devaluation and a steep decline in Pakistan's foreign exchange reserves as major factors behind the mas...