Daily Times

Gold and silver touched new peaks in Pakistan on Wednesday as the rupee rout against the US dollar entered the third day in the interbank market. The price of gold rose by Rs250 per tola and Rs214 per 10 grams to settle at an all-time high of Rs164,150 and Rs140,732, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed. Meanwhile, silver prices in the domestic market surged by Rs80 per tola and Rs68.59 per 10 grams to settle at Rs1,860 and Rs1,594.65. Gold and silver price is climbing high in the local bullion market with investors scurrying for a safe haven after a softening currency and bleak economic data underlined the shaky pace of growth. On December 5, the yellow metal touched a record high of Rs164,000 per tola in the local market as the stability of the Pakistan rupee against the US dollar shifted investors’ focus towards a safe-haven asset.