Gold falls, ends week higher on rupee dip, political ferment

KARACHI: Gold prices declined on Saturday, however, the precious commodity secured a weekly gain of nearly 4% with its safe-haven allure getting a fillip following mounting political concerns, with the current rupee-dollar parity also seemingly attracting bids for bullion.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold declined by Rs600 per tola and Rs514 per 10 grams to settle at Rs151,800 and Rs130,144, respectively. Gold is often seen as an alternative investment during times of political and financial uncertainty. Cumulatively, the precious commodity has gained Rs5,400, or 3.69%, per tola during the week ended October 29. Analysts continue to see safe-haven demand (for gold) because the uncertainty over how the political developments are going to play out is extremely high. PTI’s long march entered day two of its second march towards Islamabad today under the leadership of former prime minister Imran Khan after he was ousted via a no-confidence motion earlier this year. Mounting fears over the economic toll from the long march, exacerbated by the depreciating rupee have put safe-haven bullion on track.-PNP