Gold prices shot to record an all-time high level of Rs. 102,000 per tola in Pakistan on Monday following the upsurge of a trend in prices in the global market.
The increase of gold prices was reported as the global investors shifted their investment in precious metal from Dollar and other deflating currencies in tandem with the economic slowdown.
In the international market, the price of yellow metal rose to $1,760 per ounce, which is a seven-year high.
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In the local market, gold witnessed an increase of Rs. 1,300 per tola on a single day. During the last three days, it saw an overall surge of Rs. 3,400 per tola.
Analysts said the global currencies have started losing their value since governments and central banks around the world have injected billions to trillions of dollars to support people and businesses and revive economic activities in these testing times. However, the investors are moving towards safe-havens and gold is one of the major focuses for them.
All Sindh Saraf Jewellers Association (ASSJA) President Haji Haroon Chand said that Pakistan is selling gold at lower rates in the Asian regions despite the latest increase in its price over the past three days.
The purchasing power of the people has dropped considerably due to economic slowdown and layoffs of jobs which dampened the demand of the local market significantly, which is based on the sale of jewelry.
However, the investment trend in gold has not picked up the bullish trend in the local market.
The Jaahils of the country as usual blame this on to PTI and IK. So Lame!