As the international precious metal markets rose Thursday in response to a hawkish US Federal Reserve, investors were also drawn to gold as their available saving options remained constrained. Pakistan’s gold price likewise maintained its impressive run.
The price of gold (24 carats) climbed by Rs 2,200 per tola and Rs 1,887 per 10 kilos to settle at Rs 207,200 and Rs 177,641, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The precious metal has been rising for two straight days despite declining foreign exchange reserves and a weak currency, which will increase the price as Pakistan imports gold to meet its demand.
However, investors were only buying gold bars, not jewellery, which had lowered goldsmiths’ profit margins and put the labour force at risk of losing jobs as jewellery manufacturers turned to other careers in the lack of work.
