Gold prices Wednesday hit another all-time high in Pakistan Wednesday as the rupee's value improved slightly.
The price of 24-Karats gold rose by Rs450 per tola and Rs386 per 10 grams to reach Rs218,650 and Rs187,457, respectively.
Gold had reached a previous record high of Rs218,600 per tola on April 14. It declined afterwards in line with developments in the international market before rising again.
The price of gold has risen sharply recently on the back of a weakened rupee and soaring inflation. During times of economic turmoil, people prefer to buy gold as a hedge against inflation and the rupee's devaluation.
The price of gold in the international market remained unchanged at $2,000 per ounce.
The price of silver in the domestic market also reached a record high. The rate of silver increased by Rs40 per tola and Rs33.36 per 10 grams to reach Rs2,570 and Rs2,203.36, respectively.