Gold prices in Pakistan continued to rise on Thursday as the tola rate rose above Rs 1,000 in line with the international market. rising inflation increases attractiveness.
Gold prices (24 carat) rose by Rs 1,100 per tola and Rs 943 per 10 grams to Rs 203,500 and Rs 174,468 respectively, according to data released by the All Pakistan Sarafa Gems and Jewelers Association (APSGJA).
The commodity fetched a cumulative Rs 6,000 per tola in five sessions (Saturday-Thursday).
as other markets slipped investors usually seek refuge in gold to maintain a low risk profile.
In Pakistan, political and economic uncertainties and economic crisis are likely to lead to an economic downturn. International Monetary Fund (IMF) loan.
According to the association, prices in the local market remained lower by Rs 5,000 per tola compared to prices in the Dubai gold market.
Gold rose in international markets, helped by a weaker dollar, but prices were below the previous session’s six-week high as risk sentiment improved after Credit Suisse, the latest hotbed of a potential banking crisis, provided funds. The price of an ounce settled at 1,926 dollars after increasing by 2 dollars.
Credit Suisse recovered 28% after it said it would borrow up to $54 billion from the Swiss central bank to boost liquidity and boost investor confidence, sparking a slump in European bank shares on fears of a slide.
Analysts say gold has appeared in a “knee-jerk rally” but could account for most of the gains in the short term, but the sentiment for gold was generally positive.
Meanwhile, domestic silver prices remained unchanged at Rs 2,150 per tola and Rs 1,843.27 per 10 grams, respectively.
