The price of gold has risen to an all-time high of Rs148,300 per tola.
The dollar’s daily rise in value, political unpredictability, and economic volatility all contributed to a spike in gold prices. The cost of gold increased by Rs 2,000 per tola and Rs 1,714 per 10 grams in the local bullion market.
As inflation was on the rise, a lot of people were purchasing gold as a safe asset to secure their money.
Analysts claim that since governments and central banks throughout the world pumped billions to trillions of dollars to help people and companies and restart economic activity in these trying times, the value of the world’s currencies has begun to decline. However, investors are shifting their attention to safe havens, and gold is one of their main priorities.
President of the All-Sindh Saraf Jewelers Association (ASSJA), Haji Haroon Chand, claimed that Pakistan is still selling gold in Asia at lower prices despite the recent three-day surge in its price.
Due to the economic downturn and job losses, which drastically reduced demand for the local market’s jewelry sales, the average person’s purchasing power has decreased.
To read our blog on “The price of gold has risen by Rs 2350 per tola in just one day,” click here.