Gold prices in Pakistan have hit a record high following an uptick in the global market, possibly due to the looming government crisis in the US.
The gold prices in the global market increased by $5 per ounce (31.1 grams) to $1,313 on Tuesday – which is the highest in the last nine months.
As per data released by the All Sindh Saraf and Jewellers Association (ASSJA) on Wednesday, the glittery metal has seen a surge of Rs. 250 per tola and has been trading at its highest price in history – Rs. 68,150.
The previous high of Rs. 68,000 per tola was reported in December 2018.
According to the association’s spokesperson, the price of gold has continuously increased this week, adding Rs. 1,050 to its price since February 5.
ASSJA said they compiled the data based on an upward trend in the international market and fluctuation in the in the dollar rates as well as market forces of demand and supply.
It should be mentioned here that the fluctuation in the international market controls the gold prices in Pakistan as it primarily relies on imports.