Monday June 20, 2022

Gold Price Reaches New Peak In Pakistan

KARACHI: Gold scaled to a new peak on Monday as the delay in the revival of the International Monetary Fund’s (IMF) programme clouded the economic outlook and bolstered bullion’s safe-haven allure, though analysts said the rapid pace of gains could prompt some correction.

The precious commodity has emerged as a safe asset in these challenging times of the economic crisis. People were aggressively buying gold to protect their cash from deflation.

Gold prices in the local bullion market soared by Rs1,450 per tola and Rs1,243 per 10 grams today to reach an all-time high of Rs147,250 and Rs126,243 amid continuous depreciation of the rupee against the US dollar.

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