Gold reaches all-time high of Rs147,250 per tola in Pakistan

Karachi: Gold prices reached a new height in Pakistan on Monday.

A delay in the revival of the International Monetary Fund's (IMF) programme, appreciation of US dollar prices against Pakistani rupee, and economic uncertainties helped pushed the prices of gold.  

The precious commodity has emerged as a safe asset in these challenging times of the economic crisis. People were aggressively buying gold to protect their cash from deflation.

Gold prices in the local bullion market soared by Rs1,450 per tola and Rs1,243 per 10 grams today to reach an all-time high of Rs147,250 and Rs126,243 amid continuous depreciation of the rupee against the US dollar.

The precious commodity closed at a record high of Rs145,800 per tola and Rs125,000 per 10 grams on Saturday. Cumulatively, the yellow metal gained Rs3,650 per tola in Pakistan during the week ended June 18.