Gold price in Pakistan registers highest one-day leap, hits Rs240,000 per tola

Gold prices on Wednesday experienced the highest one-day jump of Rs9,900 per tola, hitting Rs240,000, according to rates shared by All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

“It’s an accumulated impact of two days of political turmoil in the country,” Haroon Chand, Chairman APGJSA, told Business Recorder. “The same thing happened to the rupee which depreciated by over Rs5 today.”

Ongoing political instability took its toll on market sentiment as the Pakistani rupee finished at a record low of 290.22 against the US dollar after depreciating nearly 1.9% in the inter-bank market on Wednesday. As per the State Bank of Pakistan (SBP), the currency closed at 290.22, a decrease of Rs5.38.

It is pertinent to mention that the country is engulfed in turmoil for the last two days following the arrest of Pakistan Tehreek-e-Insaf (PTI) Chairman and former prime minister Imran Khan. The event triggered large scale protests across the country. Later, police arrested other PTI leaders as well.

There are reports of confrontation between law enforcement agencies and PTI supporters. The government has also blocked mobile broadband and social media websites in an effort to tone down the protests.

Chand added that it is the biggest one-day jump for the yellow metal, which has seen it reach all-time high prices in the domestic market.

Although gold prices in the domestic market follow the international market trend but on Wednesday, the rate in the global market remained unchanged at $2,031 per ounce.