Gold prices in Pakistan surged to a record high as people took refuge in the safe-haven metal on mounting concerns that the nation’s economic condition conditions will deteriorate further.
For the first time in the history of Pakistan, per tola price surpassed the Rs172,000 mark.
The prices surged by Rs800 per tola and Rs686 per 10 grams to settle a historic high of Rs172,700 and Rs148,062, as per the data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The commodity registered gains for the 10th consecutive session as the price rose by Rs9,550 per tola since the start of a buying spree. Meanwhile, during the week ending December 17, the price of gold rose by Rs6,150.
Meanwhile, after an increase of Rs20 per tola silver price settled at Rs1,980 hovering near its all-time high of Rs1,990. The price of 10-gram silver rose by Rs17.15 to settle at Rs1,697.53
The association mentioned that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs3,000 per tola compared to its price in Dubai.
In the international market, gold prices settled at $1,793 after an increase of $11 per ounce. Despite a recovery, gold was set for its biggest weekly decline since mid-November after the US Federal Reserve indicated more interest rate hikes were needed to curb inflation.
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