Gold prices hit a new all-time high in Pakistan on Wednesday, reaching Rs218,650 per tola and Rs187,457 per 10 grams, according to data from the All Pakistan Sarafa Gems and Jewellers Association. This represents an increase of Rs450 per tola and Rs386 per 10 grams from the previous day. The surge in gold prices is attributed to a weakened rupee and soaring inflation, as people often buy gold as a hedge against inflation and currency devaluation during times of economic turmoil. The rupee has recovered slightly, gaining 0.03% to settle at Rs283.89 per US dollar in the interbank market. The delay in an agreement with the International Monetary Fund for a desperately needed economic bailout has also increased demand for gold. The price of gold in the international market remained unchanged at $2,000 per ounce. The price of silver in the domestic market also reached a record high, increasing by Rs40 per tola and Rs33.36 per 10 grams to reach Rs2,570 and Rs2,203.36, respectively.
