December 08, 2022 (MLN): On the back of rising economic worries, the demand for gold surged in the local market as people seek refuge in the safe-haven metal. Breaking its all-previous records, the price of gold in Karachi Bullion stood at Rs166,000 per tola marking a jump of Rs2,250 per tola.
The analyst fraternity is of the view that this aggressive buying of yellow metal is due to the shortage of dollars in the market.
Similarly, the 10-gram gold rate surged by Rs1,929 to Rs142,661 per tola.
To note, on December 5, 2022 gold price marked an all-time high of Rs164,000.
At this time, Pakistan is suffering from a dollar shortage, PKR losing value against the greenback, and delay in the Pak-IMF program.
Furthermore, Moody’s Investors Service and Fitch Ratings downgraded Pakistan deeper into junk territory in October after devastating floods jeopardized its fiscal stability.