Economic woes drive gold prices to new high yet again

Gold prices in Pakistan have reached an all-time high again, according to data from the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

The price of gold (24 carats) rose by Rs1,700 per tola and Rs1,457 per 10 grams, reaching Rs222,700 and Rs190,929, respectively. The increase is a result of the country’s poor economic prospects and inflation, which hit a record high in April.

People are turning to gold as a protection against inflation and currency depreciation. Additionally, the delay in securing an economic bailout from the International Monetary Fund (IMF) is negatively impacting the currency market, boosting demand for gold.

Meanwhile, the price of silver also rose, reaching record highs of Rs2,750 per tola and Rs2,357.68 per 10 grams.

Inflation in April clocked in at 36.4% year-on-year — a record high — which means Pakistan has the fastest rising prices in Asia, beating even Sri Lanka where inflation was measured at 35.3% in the previous month.

Meanwhile, the price of gold jumped $25 at $2,015 per ounce in the international market.

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