Gold prices rocket to Rs 77,470/tola.

Domestic gold prices on Thursday hit an all time high when they reached Rs 77,470 as they rose all over the world, and especially in Pakistan thanks to the weakness of the Pakistani rupee.

Both international and local markets are at their peak right now, and prices have risen by Rs 1970/tola to the new figure of Rs77,470/tola. In the international market, prices jumped to $1348/ounce after the US Federal Reserve signalling a possible interest rate cut as early as next month, pressuring US treasury yields.

However, despite the increase in price, the import and export of gold has come to a halt, as neither were feasible in the current situation. Dubai has currently imposed a five percent duty on imports, and there is growing...