Gold price reached an all-time high of Rs73,200 per tola on Thursday, according to the All Sindh Saraf and Jewellers Association.
The metal saw an increase of Rs600 per tola in its price. The prices compiled by the ASSJA come with a lag of a day after changes in international prices. Pakistani traders adjust gold prices based on price movements in the international market and fluctuation in the dollar rates as well as market forces of demand and supply.
The dollar rose by Rs1.2 in the open market to settle at Rs153.5 at the close of trade on Thursday, reaching its all-time high level. When this report went online, gold futures were trading at $1,337 per ounce in the international market.
Gold price in the country has been hitting a new high very frequently since the beginning of this year, seeing its biggest jump of the year on May 11 when a tola became Rs1,300 more expensive in one day.
Last year, gold prices increased 20%, according to the data compiled by the Pakistan Bureau of Statistics (PBS). This rise in gold price was in line with international prices, which also increased last year. The upward trend continues in 2019.