KARACHI – Following fresh trends of climbing against the rupee, the per tola gold price in Pakistan surged by 4,100 as investors again looked at previous metals amid an inflation hedge.
The price nearly soared by 2 percent on Saturday amid political and economic uncertainty in the South Asian nation.
According to data shared by All-Pakistan Sarafa Gems and Jewellers Association, the price of gold (24 carats) increased by Rs4,100 per tola to Rs208,300 while the price of 10 grams soared to Rs178,584, with an increase of Rs3,516.
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 a 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.
Globally, the prices of yellow metal increased amid banking crises that disturbed global markets and put gold on track for its biggest weekly rise in three years.
