Gold Prices Soar in Pakistan Amid Global Downturn
Gold prices in Pakistan surged by Rs3,000 to reach Rs430,436 per tola on Friday, defying the global trend of a decline in international rates. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), ten-gram gold also increased by Rs2,572 to Rs369,029.
The rise in local prices comes despite spot gold falling 1.8% to $4,027.75 per ounce at 09:59 am EDT on Friday, after dropping as much as 2% earlier in the session. US gold futures for August delivery also declined by 1.9% to $4,025.10.
The World Gold Council report revealed that central banks bought a record 289 tonnes of gold in the second quarter of this year, with Poland leading the buying with 51 tonnes. This strong official-sector demand is expected to continue driving central banks towards gold as a long-term reserve asset, according to Adnan Agar, Director at Interactive Commodities.
The Pakistani rupee also appreciated slightly against the US dollar on Friday, closing at 277.80 against Thursday's close of 277.81.