Islamabad: The uncertainty in the global and local markets forced the All Pakistan Sarafa Gems and Jewellers Association to not release the gold prices on Wednesday.
In a public message, APSGJA President Haji Haroon Rasheed Chand said that the rates were stopped because of the “uncertain market situation”.
For the last twelve sessions, the has been a meteoric rise in gold prices. According to the latest list of Tuesday, the price of gold rose by a massive Rs3,900 per tola to settle at an all-time high of Rs178,800. Similarly, the price of gold on a ten-gram basis also rose by Rs3,344 to settle at Rs153,292.
The winning streak has been going on for the last twelve sessions. During these twelve sessions, the price went up by Rs15,650 per tola. Since December 1, the precious commodity has gained Rs17,600 or 10.91% per tola.
It is important to mention that the prices of gold in Pakistan usually go up due to the Pakistani rupee’s depreciation against the US dollar. Similarly, the fall in the international market of the precious metal also contributes to the rise in prices in the local market.
But, compared to the international market, the precious commodity is being sold at an expensive rate in Pakistan.
But the main driving force behind the meteoric rise of gold prices is the wedding season in Pakistan, which contributes to its demand jacking up the prices.
