Record high gold price

One curious consequence of the unprecedented depreciation of rupee is the concurrent record high gold price that hit an-all time high of Rs.202,500 per tola after gaining Rs.7,000. It is inconceivable to fathom that a tola of gold now costs Rs.200,000 with ten grams of it being sold for Rs.173, 610 taking a jump of Rs.6000. As is the norm, things move in Pakistan exactly opposite to the general trend as is proved yet again that while the price of gold has decreased to $1,936 in international market, it has gone up here. Though the bullion dealers in Pakistan have expressed the hope that the price of gold will come down once the rupee stabilises against dollar and it settles between Rs.260 and Rs.265 but now the rupee has touched the figure of Rs.270 and appears to be racing towards Rs.300 mark but the price of gold has gone up to Rs.204, 800 and it looks unlikely that it will come down. Reports of record high gold price hoarding are also floating and it has joined the rank of dollar becoming a hot commodity and showing all signs of going up. TW

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