ISLAMABAD: In the context of the ongoing financial chaos followed by the current political unrest (arrest of PTI Chairman and protests) and after a major devaluation in the local currency, the price of gold also hit the market and witnessed a massive increase in Pakistan on Wednesday.
Having the overall upset situation, gold rates in the local market jumped by Rs9,900 per tola to reach to historic high of Rs Rs240,000 Per Tola. Meanwhile, 10 grams of gold was available in the market at Rs205,761.
Major Increase in Gold Price in Single Day
During the last couple of days, the gold price increased more than Rs 20,000, whereas, in the last two days, it witnessed about Rs 13,000. Last day price of the precious metal experienced an increase of Rs 3,200 and reached Rs 2,30,000.
However, today’s increase of Rs 9,900 in a single day was probably the major jump in the recent few years.
Bullion experts believe Pakistan is going through its worst financial and political time. The country is already struggling on the financial front to unlock the pending $1.1b from the IMF.
Meanwhile, the devaluation of the local currencies has made the scenario further worrisome. The yellow plate is the only entity where the investors opt for investment, causing a major increase in the prices of gold in the local market.
Meanwhile, the gold price in the international market remained unchanged on Wednesday and was available at $2,031 per ounce.
