Gold continues to glitter in Pakistan, price surges to fresh high of Rs167,300 per tola

Cumulatively, gold price jumped Rs4,000, or 2.49%, per tola during week ended December 10

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Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. — Reuters/File
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. — Reuters/File 

  • Cumulatively, gold price jumps by Rs4,000 per tola during the week.
  • Silver prices remain unchanged at an all-time high level.
  • People are taking refuge in safe-haven metal on rising economic concerns.

Gold price continued an upward trend on Saturday to hit a fresh all-time high in the country as the instability of the rupee contributed to pushing the prices of precious metal up significantly.

The prices of gold rose by Rs200 per tola and Rs171 per 10 grams to settle at an all-time high of Rs167,300 and Rs143,432, respectively, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

A day earlier, the gold price settled at a record high of Rs167,100 per tola as people took refuge in the safe-haven metal on mounting concerns that the nation’s economic conditions will deteriorate further.

Cumulatively, the yellow metal gained Rs4,000, or 2.49%, per tola during the week ended December 10.

Meanwhile, silver prices remained unchanged at an all-time high level of Rs1,890 per tola and Rs1,620.37 per 10 grams.

The gold rally is 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.

In the international market, gold price fell below the key psychological level of $1,800 per ounce after a decline of $3 per ounce settling at $1,797.

Gold dealers, however, lament that since gold prices were touching new peaks in the country, it had seized to exist as a lucrative business in the country.

Only investors are investing in gold here. Otherwise, artificial jewellery is being used in marriages and other ceremonies.

It should also be noted that 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.