Gold extends gains in Pakistan amid inflationary crisis

KARACHI: Amid a financial crisis in the country in the wake of massive devastations caused by flash floods, the gold price in Pakistan jumped by Rs3,050 per tola as unruly inflation and the intensifying economic crisis fed demand for the safe-haven metal.
According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price per tola gold settled at Rs151,150. Meanwhile, the price rose by Rs2,615 per gram to settle at Rs129,587.
The yellow metal cumulatively gained Rs12,150 per tola since the last five sessions (Thursday-Tuesday).he yellow metal had scaled record in July. Prices have since moved into a steadier range as the market digested a more hawkish outlook from the depreciating rupee and falling markets.-PNP