Gold prices shatter record highs amid political turmoil

LAHORE: Gold prices on Tuesday reached yet another all-time high as investors moved towards the precious metal due to the political uncertainty following the arrest of former prime minister Imran Khan.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) increased by Rs3,200 per tola and Rs2,744 per 10 grams, bringing it to Rs230,100 and Rs197,274, respectively.

Although the increase in gold prices has been persistent and hitting new highs almost every other day due to economic uncertainty, market experts attribute the latest rise to Khan’s arrest in the Al-Qadir Trust case.

During the seven-day period ending May 4, the weekly inflation rate reached an all-time high of 48.35% YoY, with chicken and wheat flour prices increasing. On the other hand, Pakistan may not receive the crucial tranche from the International Monetary Fund (IMF) anytime soon since the country’s loan programme is not on the lender’s Executive Board agenda until May 17.

Meanwhile, the APSGJA also revealed that the price of silver had hit a record high, with an increase of Rs100 per tola and Rs85.72 per 10 grams, settling at Rs3,000 and Rs2,572, respectively.

The rise in gold prices has occurred as the precious metal’s value in the international market increased by $9 to settle at $2,031 per ounce.

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