Gold breaks its previous record high and goes up to Rs218,800 per tola.

Pakistan’s gold prices kept going up Thursday, even though the country’s economy was still in trouble and a deal with the International Monetary Fund (IMF) was still being delayed.

According to figures from the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24k gold went up by Rs150 per tola and Rs129 per 10 grammes to Rs218,800 and Rs187,586, respectively.

In Pakistan, the gold rate has been steadily going up as the economy has gotten worse, the rupee has lost value, and inflation has reached record highs. People prefer to buy the valuable metal during these times to protect themselves from inflation and the loss of value in their currency.

On April 11, the rupee hit an all-time low of Rs288.43 per US dollar on the exchange market. Even though it has gotten better since then, the US dollar is still worth more than Rs280.

On Thursday, the rupee dropped 0.53 rupees, or 0.19%, against the US dollar, ending the day at Rs283.92.

The delay in reaching a deal with the IMF on a badly needed economic bailout is another reason why people are buying more gold. Without the bailout, the country risks going bankrupt.

The delay in starting up the IMF plan hurts the currency market, which in turn makes more people want to buy gold.

On the foreign market, the price of gold went up by $1, ending at $2,001 per ounce.

The price of silver on the domestic market, which also hit a record high yesterday, stayed the same, according to the figures from the association. The price of silver per tola was Rs2,570, and the price per 10 grammes was Rs2,203.36.