Karachi: Gold price jumped to an all-time high and surpassed Rs 218,000 mark as domestic unit slumped to historic low against dollar with country failing to bring confidence back to market.

According to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), price of gold (24 carats) increased by Rs 600 per tola and Rs 514 per 10 grams to settle at Rs 218,300 per tola and Rs 187,157 per ten grams respectively. In international market, gold price dropped $ 1 per ounce to settle at $ 2,001 an ounce.

Yellow metal’s jump was in line with rupee movement which plunged fell 2.44 or 0.85 percent against dollar in interbank market and an increase in weekly inflation. Weekly inflation jumped up 0.92 percent week-on-week and 44.49 percent year-on-year during seven-day period that ended April 6, as prices of sugar and chicken surged on account of Ramadhan and likely hoarding.

Published in The Daily National Courier, April, 12 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.