Gold price surges in Pakistan for second day in a row

KARACHI: The price of gold in Pakistan rose by Rs750 per tola on Wednesday, reaching a new high of Rs215,200, according to the All Pakistan Gems and Jewelers Association (APGJA).

The price of 10 grams of gold also increased by Rs644, hitting Rs184,500.

The APGJA said the hike in gold prices was due to the global market trends and the fluctuating price of the Pakistani rupee against the US dollar.

The association also said that the demand for gold in the local market was low due to the economic slowdown and the coronavirus pandemic.

Gold is considered a safe haven asset by many investors, especially in times of uncertainty and inflation. Pakistan is one of the largest consumers of gold in the world, with an annual demand of about 150 tonnes. However, the high prices and the low purchasing power of the people have affected the gold trade in the country.