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The price of gold goes up again, this time to Rs218,300 per tola.

Pakistan’s gold price jumped to an all-time high and went over Rs218,000. This happened at the same time that the local currency fell to an all-time low against the US dollar because the country was unable to restore trust in the market.

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) said that the price of gold (24 carats) went up by Rs600 per tola and Rs514 per 10 grams, making the new prices Rs218,300 and Rs187,157, respectively.

The rise in the price of gold was in line with the movement of the rupee, which fell 1.34 or 0.46 percent to 288.43 against the US dollar on the interbank 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 local market, silver prices also went up by Rs40 per tola and Rs34.30 per 10 grams, putting them at Rs2,520 and Rs2,160.5, respectively, which were all-time highs.

On the foreign market, the price of an ounce of gold fell by $1 to $2,001.