Business
Massive surge in gold prices amid political unrest in Pakistan
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the rate of gold (24 carats) increased by Rs9,900 per tola and Rs8,487 per 10 grams, reaching Rs240,000 and Rs205,761, respectively.
Lahore: The political crisis triggered by the arrest of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan led to a massive surge in the price of gold in Pakistan on Wednesday.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the rate of gold (24 carats) increased by Rs9,900 per tola and Rs8,487 per 10 grams, reaching Rs240,000 and Rs205,761, respectively.
The international market rate of gold remained unchanged at $2,031 per ounce. Although gold prices have been steadily rising in recent times, the primary reason for the latest spike is the political turmoil caused by Khan's arrest, which has led to violent protests across the country and the deployment of the army in three provinces.
The delay in the IMF deal caused a serious impact on the economy as the rupee faced a new record low against the US dollar, with a loss of Rs5.16 in interbank trading.
The rupee touched the historic low after arrest of former Prime Minister Imran Khan, which led to clashes between his supporters and the police.
As a result, the country's interior ministry suspended mobile broadband services.
The rupee is being traded at Rs290 per dollar after a decrease of Rs5.16 from the previous day's closing of Rs284.84 in the interbank market. Meanwhile, in the open market, the PKR fell by Rs5, trading at Rs295 compared to the previous day's closing of Rs290.