Gold prices see another big increase
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Gold prices rose Thursday again saw a huge increase as ballooning inflation dulled risk appetite and boosted demand for the safe-haven metal, reported 24NewsHd TV channel.
According to the All Sindh Sarafa Association showed that the gold price in Pakistan surged by Rs2,000 per tola and Rs1,715 per 10 grams to settle at Rs141,000 and Rs120,885.
A surge of over 1.43% per tola snapped the four-day losing streak of the yellow metal during which the price of gold declined by Rs8,100 in the local market.
Record high Pakistan’s consumer price index-bases inflation surged to a multi-decade high of 27.3% in August which pushed the gold price to a one-and-a-half-year-high.
In the international market, the price of yellow metal plunged by $13 per ounce to settle at $1,702. Gold prices briefly slid below the key $1,700 psychological level for the first time in six weeks, as major central banks stuck to an aggressive stance to combat inflation, dulling demand for non-yielding bullion.
It should be noted that the gold price stands below cost and is cheaper by Rs3,000 per tola compared to Dubai.
Meanwhile, silver prices in the domestic market plummeted by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs1,470 per tola and Rs1,260.28 per 10 grams today.