Islamabad: After registering the highest-ever price drop in one session on Tuesday, gold regained its shine and went up by Rs3,500 per tola on Wednesday.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold increased by Rs3,500 per tola and Rs3,000 per 10 grams to settle at Rs205,000 and Rs175,754, respectively.
The spike in price occurred after investors moved towards the precious metal again as Pakistan’s inflation in January to the highest level since 1975 amid food supply constraints and a significant surge in the price of petroleum products.
The Consumer Price Index (CPI)-based inflation in Pakistan clocked in at 27.6% in January 2023 on a year-on-year basis, the Pakistan Bureau of Statistics (PBS) reported Wednesday.
According to Arif Habib Limited, this is the highest year-on-year inflation after May 1975, when it clocked in at 27.77%.
Meanwhile, silver prices in the domestic market remained stable and settled at Rs2,250 per tola and Rs1,929 per 10 grams, respectively.
