Gold price sets new record in Pakistan after highest single-day increase

11:46 PM | 28 Jul, 2022
Gold price sets new record in Pakistan after highest single-day increase
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KARACHI – Gold price on Thursday rose to a record high of Rs162,500 per tola.

The gold price reached a new high after recording a single-day increase of Rs10,500 per tola. 

Amid a softening currency and bleak economic data forecasting shaky pace of growth, investors are scurrying for a safe haven.

Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed the price of gold, considered a safe haven, increasing from Rs9,003 per 10 grams to Rs139,318 in the local market.

With Thursday's increase of Rs10,500 per tola, the gold price has surged by Rs17,500 in seven sessions.

“Gold price is climbing high in the local bullion market in line with the prices in the international market — which have surged by $50 per ounce since Monday — and depreciation of Pakistani rupee against the US dollar,” AA Commodities Director Adnan Agar said.

The analyst said the precious commodity was expected to maintain an uptrend as international prices are once again eyeing a $1,800 mark while there is “no hope of stability in local currency” till the country receives a loan tranche from the International Monetary Fund (IMF).

The association, however, stated that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs7,000 per tola compared to its price in Dubai.