Pakistan gold price skyrockets! Hits record high of Rs 90,000

Cash strapped Pakistan yesterday witnessed a record high in yellow metal. Gold price in Pakistan reached a record high of Rs 90,000 per tola (just above 10 gram) on Thursday in several of its cities, including Karachi, Lahore, Islamabad, Rawalpindi, Peshawar, Faisalabad and Quetta. Notably, gold price in the international market increased by $15 per ounce and was trading at $1,545 against the last closing price of $1,530, said an IANS report.

According to the Karachi Sarafa Association, the 24-karat gold jumped by Rs 900 to trade at Rs 90,000 per tola against Wednesday`s closing price of Rs 89,100 per tola. The All Pakistan Sarafa Association stated that the trade war between China and the United States of America has impacted the world economy in a big way. 

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It added that the devaluation of Pakistani rupee also contributed to the gold price rise. Meanwhile, in Indian markets, gold price was just a shade below Rs 40,000 per 10 gram on Thursday.