The Gold Price in Pakistan has soared to new heights as it reached Rs. 202,000 per tola for 24-karat on Friday (27 January 2023) in the bullion market after Pakistani Rupee (PKR) nosedived to a new low of Rs. 262.60 due to removal of the exchange rate cap by State Bank of Pakistan (SBP).
According to details, the Gold Rate in Pakistan rose by Rs. 7,000 from Rs. 195,000 to Rs. 202,000 per tola on Friday for 24-karat of the precious metal, while 10 grams of gold was being sold at Rs. 173,182 at the closing of the bullion market.
Meanwhile, the Gold Price in Pakistan for 22-karat was Rs. 185,167 per tola and 10-grams was being sold at Rs. 158,751 today. Cumulatively, the Gold Rate in Pakistan has risen by over Rs. 17,000 since the start of January.
The main reason behind the hike in Gold Prices is shortage of US Dollar (USD) in the market, which is why investors are flocking towards the yellow metal as it is considered another safe heaven while Pakistani Rupee (PKR) continues its downward spiral.
Read more: USD to PKR – Dollar Rate in Pakistan Today – 27 January 2023.
