KARACHI – Gold price on Thursday rose to a record high of Rs162,500 pertola.
The gold price reached a new high after recording a single-day increase ofRs10,500 per tola.
Amid a softening currency and bleak economic data forecasting shaky pace ofgrowth, investors are scurrying for a safe haven.
Data released by the All Sindh Saraf and Jewellers Association (ASSJA)showed the price of gold, considered a safe haven, increasing from Rs9,003per 10 grams to Rs139,318 in the local market.
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With Thursday’s increase of Rs10,500 per tola, the gold price has surged byRs17,500 in seven sessions.
“Gold price is climbing high in the local bullion market in line with theprices in the international market — which have surged by $50 per ouncesince Monday — and depreciation of Pakistani rupee against the US dollar,”AA Commodities Director Adnan Agar said.
