Daily Times

The price of gold jumped massively in Pakistan Wednesday, as political turmoil following the arrest of former prime minister and Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan continued to persist. According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) soared by Rs9,900 per tola and Rs8,487 per 10 grams to reach Rs240,000 and Rs205,761, respectively. There was no change in the rate of gold in the international market, which stood at $2,031 per ounce. While the previous metal’s value has been rising sharply recently, with its price reaching a new high almost every day, the primary reason for the latest jump is the new political storm that has erupted after Khan’s arrest. There have been violent protests across the country and the army has been deployed in three provinces. With the economy already in dire straits, people prefer to buy yellow metal to protect themselves against inflation and currency depreciation. The weekly inflation hit an all-time high of 48.35% year-on-year (YoY) with prices of chicken and wheat flour increasing during the seven-day period ending May 4. Meanwhile, it seems that Pakistan may not get a crucial tranche from the International Monetary Fund (IMF) anytime soon, as the country’s loan programme is not on the agenda of the lender’s Executive Board till May 17.