Buoyed by the rupee devaluation, the gold price in Pakistan jumped Rs1,250 per tola on Tuesday to Rs143,250, according to rates compiled by the All Sindh Saraf and Jewellers Association.

The bullion rate has surged by Rs5,950 per tola over the past five sessions (since June 2). The current gold price is just Rs350 lower than all-time high of Rs143,600 recorded on May 24, 2022.

Per tola: Gold’s price jumps Rs2,800, reaches Rs142,000

The price of the yellow metal stood at $1,848 per ounce in the international market at around 5pm on Tuesday.

Being a net importer of gold, the rates of bullion and other precious metals in Pakistan follow the international market trend. Global rates of gold and other precious metals, such as silver, are quoted in ounces.

Spot gold may retest support at $1,837

Pakistan Gems Jewellery Traders And Exporters Assocation (PGJTEA) Chairman Akhtar Tesori said “rupee depreciation and increase in the international price of gold has lifted the commodity’s price to new highs in the country in recent years."

He added that the demand for gold jewellery witnessed a considerable decline in the country over the past few months.

Heavy oil payments: Rupee drops to record low, closes at 202.83 in inter-bank market

The rupee dropped to a new all-time low in the inter-bank market on Tuesday and closed at 202.83 against the US dollar.

During the session, the local currency remained under pressure and even hit the 204 level before making a recovery.