ISLAMABAD: Gold price in Pakistan jumped to another all-time high as investors shifted to the precious metal due to the ongoing financial uncertainty, followed by a major political development in the context of the arrest of Pakistan Tehreek-e-Insaf (PTI) Chairman and former prime minister Imran Khan.
As per data received from the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24 karats of gold witnessed a major increase of Rs3,200 per tola and Rs2,744 per 10 grams to reach Rs230,100 and Rs197,274, respectively.
The price of the gold experienced a continuous increase for the last couple of days, where the yellow metal jumped up by more than Rs 10,000 in just one week, however, bullion experts were of the view that today’s major increase was due to the arrest of Imran Khan.
Meanwhile, weekly inflation hit an all-time high of 48.35% year-on-year (YoY), with prices of wheat, chicken, flour, and other daily used items witnessing a skyrocketing increase in a couple of days.
Pakistan and the IMF have been discussing fiscal policy measures in the 9th review since February to unlock the $1.1 billion tranche pending since in November.
Along with the gold, prices of silver also hit record highs with an increase of Rs100 per tola and Rs85.72 per 10 grams to settle at Rs3,000 and Rs2,572, respectively.
Gold Price in International Market
Meanwhile, gold price in the international market also went up as the yellow plate’s value witnessed an increase by $9 to settle at $2,031 per ounce. However, due to financial and political uncertainty, sometimes, when the gold price goes down in the international market, the local market responds in the reverse direction with the rise in the prices.
