ISLAMABAD: (Click Pakistan) in Pakistan, the prices of gold on Thursday shot into unprecedented levels, creating a new record on the second day in succession as worldwide bullion markets took a leap in the economic uncertainty.
One tola of gold shot up to an all time high of Rs.572,862 according to local bullion dealers that is Rs.21,200 more than the previous price. In the same manner, the price of 10 grams of gold increased by Rs.18,175, which represents steep rises in a small period of time.
The traders explained the sustained increase with the increased world gold prices, inflationary forces and an increase in investor demand of safe-haven assets. Analysts indicate that gold has traditionally appealed to buyers whenever the world economy experiences turbulence since investors are concerned that their wealth will not be lost in the market because of volatility and fluctuations in the currency.
This rush has made gold the most costly it has ever been in Pakistan straining the consumers more, especially before wedding seasons and cultural celebrations, where gold is at the heart of the event.
There was also an increase in silver prices albeit at a slower rate. The price of one tola of silver was up by Rs.264, and 10 grams were up by Rs.227, which shows the expansion of precious metals at large.
Market pundits advise investors to sit back and watch the market and to avoid panics as they buy gold as it would continue being volatile in the next few days as a result of global and domestic factors.
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