Gold price goes up to record high of Rs 202,500 per tola

KARACHI, Jan 27 (SABAH): As the Pakistani rupee continued to depreciate against the US dollar, domestic gold prices on Friday hit an all-time high of Rs 202,500 per tola after gaining Rs 7,000.

According to the All Sindh Sarafa Jewellers Association (ASSJA), the 10-gram rate of the yellow metal jumped Rs 6,000 to Rs173,610.

On the other hand, the rate in the international market decreased to $1,936 after losing $6.

The development comes as the rupee plunged to a new low of Rs262.6 against the dollar in the interbank market, down Rs7.17 or 2.73 per cent from yesterday’s close.

On Thursday, the local currency’s value had declined Rs 24.54 to a record low of Rs 255.43 in the interbank, the largest single-day depreciation in both absolute and percentage terms since the new exchange rate system was introduced in 1999.