KARACHI, July 28(ABC): Gold price rose to a fresh record high of Rs162,500 per tola on Thursday — after recording a single-day highest rise of Rs10,500 — with investors scurrying for a safe haven after a softening currency and bleak economic data underlined the shaky pace of growth.
Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed that the price of gold, considered a safe haven, soared from Rs9,003 per 10 grams to Rs139,318 in the local market.
With the latest increase of Rs10,500 per tola today, the gold price has surged by a whopping Rs17,500 in the last seven sessions.
“Gold price is climbing high in the local bullion market in line with the prices in the international market — which has surged by $50 per ounce since Monday — and depreciation of Pakistani rupee against the US dollar,” AA Commodities Director Adnan Agar told Geo.tv.
The analyst further said that 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 a loan tranche from the International Monetary Fund (IMF).