KARACHI: Gold prices rose to a new record high of Rs162,500 per tola on Thursday, following a single-day high rise of Rs10,500, as investors sought a safe haven after a weakening currency and bleak economic data highlighted the slowing pace of growth.
Gold prices rise
According to data released by the All Sindh Saraf and Jewellers Association (ASSJA), the price of gold, which is considered a safe haven, has risen from Rs9,003 per 10 grammes in the local market to Rs139,318.
With today’s increase of Rs10,500 per tola, the gold price has risen by a whopping Rs17,500 in the previous seven sessions.
Although gold prices in Pakistan reached an all-time high, the association claimed that they were still below cost. In comparison to Dubai, the price of gold is Rs7,000 less per tola.
To keep in mind the prices at which trades between buyers and sellers occurred, the most recent price for local markets was chosen.
The president of the ASSJA, Haji Haroon Chand, bemoaned the fact that the government’s imposition of fixed taxes on gold dealers is making their problems worse and that their businesses are suffering as a result of a lack of purchasing power in a video message.
The bullion price has been rising for a number of days. In addition, the US dollar is getting stronger all over the world. Additionally, the value of the local currency has fallen further against the US dollar.
After US Federal Reserve chair Jerome Powell hinted the central bank might slow the pace of rate hikes in the upcoming months, bullion prices dropped by $29 per ounce to settle at $1,750 on the global market.
In the meantime, domestic silver prices increased by Rs. 30 per tola and Rs. 25.72 per 10 grammes, respectively, to settle at Rs. 1,630 per tola and Rs. 1,397.46 per 10 grammes today.
