Pakistani Gold Prices Surge Despite Global Dip
Gold prices in Pakistan increased by Rs3,900 per tola on Friday, reaching Rs469,136. This rise comes despite a global dip in gold prices due to stronger-than-expected US employment data.
The international market saw spot gold fall 1.1% to $4,422.91 per ounce at 10:50 am EDT (1447 GMT) on Friday.
According to Interactive Commodities Director Adnan Agar, there is growing buying interest from major investment and asset-management institutions following the recent correction in gold prices.
A Bloomberg report cited by Agar mentioned that large institutional investors are using the price correction to accumulate gold at lower prices. Amundi, Europe's largest asset manager, is reportedly increasing its gold holdings with expectations of reaching $5,000 per ounce by year-end.