On Tuesday, gold prices in Pakistan reached yet another record high, driven by the safe-haven appeal that is continuing to gain traction as the economy continues to struggle and the nation’s foreign exchange reserves serve as its Achilles’ heel in the face of political unrest.
The price of gold (24 carats) climbed by Rs 1,150 per tola and Rs 986 per 10 kilos, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), to settle at Rs 189,300 per tola and Rs 162,294 per 10 grammes, respectively.
The jewellers’ association also claimed that local gold in Pakistan was “undercost” by Rs3,500 a tola when compared to the bullion market in Dubai.
