KARACHI – Gold continued to steal the limelight in the local markets, with prices hitting a record high of Rs227,800 per tola on Monday amid an economic meltdown.
Data shared by All-Pakistan Sarafa Gems and Jewellers Association suggest that prices per tola and per 10 grams of yellow metal increased by Rs1,400 and Rs1,200 amid an increase in the price of yellow metal in the international market.
With the recent surge, the price of 10 grams of 24-karat gold has been set at Rs1,94,530 in the local market.
The prices of expensive metal also saw a surge in the international market by $5 per ounce and traded at US$2,022 per ounce on the first working day of the week.
Meanwhile, the silver price also increased by Rs30 per tola and is currently standing at Rs2,900 per tola.
If we look back at the whole previous week, gold prices gained nearly Rs10,000, or around 5 percent, per tola as a precious commodity could not react to the slight upward trajectory of the local currency against the US dollar.
Meanwhile, the risk aversion of investors was on display as people prefer to trust gold as it comes with low risk.
A likely economic contraction looms over Pakistan amid political and economic uncertainties and a holdup in the revival of the International Monetary Fund’s (IMF) loan.
