Gold price per tola moved past the Rs150,000 level for the first time on Wednesday, in stark comparison to movement of the commodity in the international market, as a fast-depreciating rupee took a heavier toll on its rate in the local market.
Gold hit Rs152,000, taking total increase since July 1 to Rs10,900 per tola. On Wednesday alone, gold prices shot up by Rs2,500, according to rates compiled by the All Sindh Saraf and Jewellers Association.
Meanwhile, price of the commodity per ounce has dropped by $91 since July 1 to $1,720.
Being a net importer of gold, rates of bullion and other precious metals in Pakistan normally follow the international market trend. However, a falling rupee has changed the dynamics.
Pakistan Gems Jewellery Traders And Exporters Association (PGJTEA) Chairman Akhtar Tesori said demand for gold jewellery has witnessed a considerable decline in the country over the past few months.
The rupee dropped to a new all-time low in the inter-bank market on Wednesday and closed at Rs236.02 against the US dollar.