The price of gold in Pakistan has reached a new record high, continuing its surge with another major increase on Wednesday. According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold went up by Rs. 2,500 per tola to Rs. 217,000, while the price of 10 grams rose by Rs. 2,142 to Rs. 186,042.
This surge in gold prices follows a cumulative gain of over Rs. 8,500 per tola during the last three sessions, with an increase of Rs. 1,200 per tola on Tuesday and Rs. 5,000 per tola on Wednesday.
The economic situation in Pakistan is uncertain, with the rupee hitting a new record low against the US dollar, closing at 287.85. The delay in the staff-level agreement with the International Monetary Fund (IMF) and the country’s worsening economic indicators have all contributed to the rupee’s slide. As a result, the price of gold in Pakistan has been on the rise.
The surge in gold prices is not limited to Pakistan alone, as gold prices in the international market also hit their highest since March 2022. Spot gold was up 0.1 percent to $2,022.79 per ounce by 1120 GMT, while US gold futures stood at $2,038.10.
Investors often flock to gold during times of economic turmoil, as it is considered a safe-haven asset. With the current economic situation in Pakistan, many people may be turning to gold as a means of safeguarding their wealth.
The continued surge in gold prices is a cause for concern, particularly for those who rely on the precious metal for their livelihoods. It remains to be seen how long this trend will continue, but it is clear that economic stability is needed to bring some relief to those affected by the rising gold prices.