Local gold hit fresh record highs on Friday mainly due to buying into safe havens amid anemic and weak dollar.
Gold (24 carat) rose by Rs 700 to Rs 167,100 per tola, according to the precious metals rates released by the All Sindh Saraf Jewelers Association (ASSJA). Bullion increased by Rs 600 to Rs 143,261 per 10 grams.
According to the association, despite reaching an all-time high in Pakistan, gold is still less expensive than its per tola price in Dubai.
The updated price for the local markets was determined by taking into account the prices at which the buyers and sellers traded.
It should also be noted that gold demand in Pakistan rose 34 percent to 13 tonnes between July and September 2022 from a year ago, Bloomberg reported on Wednesday, citing data compiled by the World Gold Council. What did
It was the largest amount of gold bought during a quarter in at least three years, the data showed.
Gold’s rally is all the more impressive because the precious metal generally tracks global prices, which have come under pressure this year due to aggressive tightening measures by the US Federal Reserve.
Meanwhile, local silver (24 carat) rose by Rs 30 to Rs 1,890 per tola, while the precious white metal rose by Rs 25.72 to Rs 1,620.37 per 10 grams, hitting an all-time high.
