ISLAMABAD – Precious gold continued to steal the limelight in the local markets, with prices hitting a record high of Rs Rs217,700 per tola on Monday amid an economic meltdown.
The prices of per tola and per 10 grams of gold increased by Rs3,100 and Rs2,656 amid an increase in the price of yellow metal in the international market.
Data shared by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) shows that the price of gold (24 carats) climbed to Rs217,700 per tola while price of 10grams stands at Rs186,643.
As gold moves upward, the Pakistani rupee plunged by Rs2.44 against the US dollar in the interbank market. Weekly inflation increased week-on-week and year-on-year basis during the 7-day period.
If we look back at the whole previous week, gold prices gained nearly Rs10,000, or around 5 percent in recent days. 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.
