Pakistan’s psychologically significant Rs. 175,000 level is tantalisingly close to being reached by gold’s record rally, which is being driven by investors looking for shelter from the political fallout as seen in the weak rupee, tumbling stocks, and rising economic tensions.
The price of precious goods increased by Rs 2,200 per tola and Rs 1,886 per 10 grammes, according to the All Pakistan Sarafa Gems and Jewellers Association, to settle at Rs 174,900 and Rs 149,948, respectively.
According to Ahsan Mehanti, managing director and CEO of Arif Habib Commodities, investors’ attention has shifted to safe-haven assets as a result of the dollar’s unavailability and speculation about the rupee’s parity with the dollar.
Mehanti continued by saying that since it is a well-known phenomenon that gold prices rise when rates in kerb markets are high, the stark difference in exchange rates between interbank and open markets has also contributed to the yellow metal’s rising price.
However, the association noted that even though the price of gold in Pakistan reached an all-time high, it was still below cost. The price of gold is Rs 4,000 per tola less than it is in Dubai.
During this time, silver prices also increased, reaching record highs of Rs2,020 per tola and Rs1,731.82 per 10 grammes, respectively, after increases of Rs40 and Rs34.29.
Gold prices increased by $3 per ounce before settling at $1,796 on the world market.
