Gold prices witness record spike

Gold prices witness record spike

 Pakistan  Pakistan

The price of one tola of gold saw a further increase in its price on Tuesday.

With a spike of over Rs4,200, one tola of gold has now reached an all-time high of Rs132,000.

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Experts linked this to the consistent drop in the value of the Pakistani currency against the US dollar, saying that gold’s prices were surging across the world.

Consumers, as a result, were forced to pay high rates for the yellow metal across the country.

Traders said gold was currently being traded at its highest ever price after slightly declining in value in recent years. The price of the yellow metal, in August 2020, had almost touched Rs132,000. Since then, however, it has seen a downward trend. One tola gold was available at Rs122,200 last week.

Since October 1, 2021, the price of gold has risen by Rs18,500 per tola. However, this cannot be seen in isolation and the growing depreciation of the Pakistani currency and surging global prices of the metal must be kept in mind.

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