Gold prices see another big increase in Pakistan

KARACH: Gold prices rose Thursday again saw a hugeincrease in Pakistan as ballooning inflation dulled risk appetite andboosted demand for the safe-haven metal.According to the All Sindh Sarafa Association showed that the gold pricein Pakistan surged by Rs2,000 per tola and Rs1,715 per 10 grams tosettle at Rs141,000 and Rs120,885.
A surge of over 1.43% per tola snapped the four-day losing streak of theyellow metal during which the price of gold declined by Rs8,100 in thelocal market.Record high Pakistan’s consumer price index-bases inflation surged to amulti-decade high of 27.3% in August which pushed the gold price to aone-and-a-half-year-high. In the international market, the price of yellow metal plunged by $13per ounce to settle at $1,702. Gold prices briefly slid below the key$1,700 psychological level for the first time in six weeks, as majorcentral banks stuck to an aggressive stance to combat inflation, dullingdemand for non-yielding bullion.-PNP