Gold price increases Rs3,500 to Rs205,000 per tola
- Surge driven by spike in price in international market
The price of gold jumped by Rs3,500 per tola in the domestic market on Wednesday to reach Rs205,000, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The main reason for the increase is the hike in price of the precious metal in the international market, which jumped by $27 to reach $1,929 per ounce.
Earlier on Tuesday, the gold price fell by the Rs9,000 per tola to Rs201,500. This was the single largest decrease on per-day basis.
Gold price sees biggest one-day decline, retreats to Rs201,500 per tola in Pakistan
Gold price in Pakistan has seen massive fluctuations recently due to significant rupee depreciation. This depreciation and economic crisis has also paved the way for speculators to enter the market of precious metal and inflated prices further.
Experts say that the situation will persist unless there’s clarity regarding the country’s economic outlook. In the near future, they pin hopes on the resumption of the International Monetary Fund (IMF) programme.
They believed that the next tranche of loan will bring stability in the market, which will in turn reduce speculators’ role and end fluctuations in gold prices.
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