ISLAMABAD
Gold prices witnessed another hike in the country due to massive depreciation of rupee against the US dollar and hit Rs238,000 per tola on Thursday.
Internationally, gold prices edged up for the fourth successive day by 0.19 percent. As of 1230 hours GMT, the gold futures were available at $2,033.60 per ounce, showing an increase of $3.80. Out of the $3.80 per ounce increase, -$7.20 was due to strengthening of the US dollar and +$1 was due to predominant buyers, according to Kitco Gold Index.
The gold rate in Pakistan for a single tola of 24-karat reached Rs238,000 while for 22-karat, it was recorded at Rs 218,200 per tola. Similarly, the gold rate in the country for 10 grams of 24-karat reached Rs204,100 while for 22-karat, it was recorded at Rs 187,100.
The gold rate has been on a steady uptrend in Pakistan due to massive depreciation of the rupee against the US dollar for the past one year. The rupee plummeted 5 percent against the US dollar during the last two days, which further raised the prices.
On January 1, 2023, the rates for one-tola, 10-gram, and the international market were Rs187,200, Rs160,494, and $1,824 per ounce, respectively.
On a global front, gold price gained traction and advanced to the $2,030 area. The benchmark 10-year US Treasury bond yield went more than 1 percent down, helping gold to extend its rebound.
