Gold prices rose Thursday again saw a huge increase as ballooning inflationdulled risk appetite and boosted demand for the safe-haven metal. .
According to the All Sindh Sarafa Association showed that the gold price inPakistan surged by Rs2,000 per tola and Rs1,715 per 10 grams to settle atRs141,000 and Rs120,885.
A surge of over 1.43% per tola snapped the four-day losing streak of theyellow metal during which the price of gold declined by Rs8,100 in thelocal market.
Record high Pakistan’s consumer price index-bases inflation surged to amulti-decade high of 27.3% in August which pushed the gold price to aone-and-a-half-year-high.
In the international market, the price of yellow metal plunged by $13 perounce to settle at $1,702. Gold prices briefly slid below the key $1,700psychological level for the first time in six weeks, as major central banksstuck to an aggressive stance to combat inflation, dulling demand fornon-yielding bullion.
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It should be noted that the gold price stands below cost and is cheaper byRs3,000 per tola compared to Dubai.
Meanwhile, silver prices in the domestic market plummeted by Rs50 per tolaand Rs42.87 per 10 grams to settle at Rs1,470 per tola and Rs1,260.28 per10 grams today.
