Gold prices hit all-time high after increase of Rs2,000 per tola

Karachi: Gold prices in the local bullion market jumped by Rs2,000 per tola and Rs1,714 per 10 grams on Monday to reach an all-time high of Rs148,300 and Rs127,143.

The surge has been attributed to continuous depreciation of the rupee against the US dollar and mounting political instability in the country.

The precious commodity closed at a record high of Rs147,250 per tola and Rs126,243 per 10 grams on June 20. Cumulatively, the yellow metal gained Rs4,300 per tola in Pakistan during the last four sessions.

The bullion prices also rose in the global market by $2 per ounce to settle at $1,730 — staying above the key level of $1,700.