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Pakistan’s gold price goes up to a record high.

Pakistan’s gold prices have reached an all-time high because the rupee has lost a lot of value against the dollar and the country is having trouble getting money from abroad.

The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) said on Monday that the price of gold (24 carats) went up by Rs3,100 per tola and Rs2,656 per 10 grammes to Rs217,700 and Rs186,643 respectively.

The rise in the price of gold was in line with what happened to the rupee, which fell 2.44 or 0.85% against the US dollar on the exchange market, and with the rise in weekly inflation.

During the seven days that finished on April 6, sugar and chicken prices went up due to Ramadan and likely hoarding. This caused inflation to go up by 0.92 percent from the previous week and 44.4 percent from the previous year.

Gold is often seen as a way to protect against inflation because its worth goes up as the dollar’s purchasing power goes down and as more people buy it during the holy month of Ramadan.

During the week, investors started paying more attention to the precious commodity because economic tensions are still rising and the International Monetary Fund (IMF) is reviewing external financing pledges from friendly countries before it releases bailout funds.

The delay in bringing the program back has hurt the money market, which is making more people want to buy gold.

The association also said that the price of gold in Pakistan is “undercost” by Rs5,000 per tola compared to the Dubai market, which shows that the gold market in Pakistan is currently cheaper than the world market.

On the domestic market, silver prices also went up by Rs30 per tola and Rs25.72 per 10 grams to finish at Rs2,480 and Rs2,126.20, respectively. This was the highest they had ever been.

On the foreign market, the price of an ounce of gold fell by $6 to $2,002.