business
Wednesday Dec 07 2022
By

Gold demand in Pakistan jumps to three-year high during Jul-Sept

A representational image of gold bars and coins. — Reuters/File
A representational image of gold bars and coins. — Reuters/File

  • Gold demand in Pakistan jumped 34% to 13 tonnes.
  • This is most amount of gold purchased during a quarter.
  • Gold price surged to all-time high of Rs164,150 per tola today.


Gold demand in Pakistan jumped 34% to 13 tonnes during the period of July and September 2022 from a year earlier, Bloomberg reported Wednesday citing data compiled by the World Gold Council.

The data revealed that this was the most amount of gold purchased during a quarter in at least about three years.

The price of gold surged to an all-time high of Rs164,150 per tola today as people took refuge in the safe-haven metal on mounting concerns that the nation’s economic conditions will deteriorate further.

Khurram Schehzad, chief executive officer at Karachi-based Alpha Beta Core Solution, told the publication that “people are looking at banks not clearing payments and fearing the worst.”

Consequently, the price jump was the result of aggressive buying by investors as another safe bet — buying dollars — is not widely available due to economic woes, he said.

Gold and silver prices were climbing high in the local bullion market with investors scurrying for a safe haven after a softening currency and bleak economic data underlined the shaky pace of growth.

The gold rally was more striking because the precious metal generally tracks global prices, which have come under pressure this year due to the US Federal Reserve’s aggressive tightening measures.