Islamabad: Amid news of Pakistan’s forex reserves falling to just above $3 billion, the gold price in Pakistan snapped back on Thursday, going up by Rs2,200 per tola.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold increased by Rs2,200 per tola and Rs1,887 per 10 grams to settle at Rs207,200 and Rs177,641, respectively.
The precious commodity registered massive gains on two consecutive sessions amid falling forex reserves and a weak rupee — which will make it costlier as Pakistan meets its gold demand through imports.
The sudden spike in price is also being attributed by analysts to record inflation Pakistan witnessed in January amid food supply constraints and a significant surge in the price of petroleum products.
Similarly, silver prices in the domestic market also increased by Rs50 per tola and Rs42.88 per 10 grams to settle at Rs2,300 and Rs1,971.88, respectively.