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Thursday February 09, 2023

Gold, silver prices soar to all-time high in Pakistan

Gold and silver price is climbing high in local market with investors scurrying for a safe haven after a softening currency

December 07, 2022
A customer can be seen looking at gold bangles. — AFP/File
A customer can be seen looking at gold bangles. — AFP/File

Gold and silver surged to all-time high prices in Pakistan on Wednesday as the weakening rupee against the US dollar shifted investors' focus towards safe-haven assets.

All Pakistan Sarafa Gems and Jewellers Association (APSGJA) data showed that the price of gold rose by Rs250 per tola and Rs214 per 10 grams to settle at an all-time high of Rs164,150 and Rs140,732.

Meanwhile, silver prices in the domestic market surged by Rs80 per tola and Rs68.59 per 10 grams to settle at Rs1,860 and Rs1,594.65.

Gold and silver price is 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.

On December 5, the yellow metal touched a record high of Rs164,000 per tola in the local market.

The precious commodity is expected to maintain an uptrend as international prices are once again eyeing a $1,800 mark while there is no hope of stability in local currency till the country receives funds from friendly countries and clears the ninth review of the International Monetary Fund (IMF).

However, gold dealers 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

The association mentioned that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs3,000 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

In the international market, the price of the yellow metal pulled back slightly and remained in a tight range as investors eyed next week’s US Federal Reserve meeting for confirmation on its interest rate hike trajectory.

Gold price registered a meagre decline of $1 per ounce settling at $1,774.