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Gold price hits record high in Pakistan as inflation looms

Section: Daily Dispatches

Gold Prices Shoot Up to Historic High at Rs63,700 Per Tola

By Salman Siddiqui
The Express Tribune, Karachi, Pakistan
Saturday, November 24, 2018

KARACHI -- Gold prices in Pakistan shot up to a record high at 63,700 rupees per tola (11.66 grams) on Friday as people turned to the precious yellow metal, which is considered a safe haven for investment, ahead of likely return of inflationary pressures in the country.

Karachi Saraf and Jewellers Association Secretary Ghulam Hussain Deedar said the association revised gold prices upwards by Rs800 to Rs63,700 per tola on Friday despite a drop of $7 to $1,222 per ounce in the international market.

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"This price is a historic high. The new price broke the previous record of Rs63,600 per tola reached on October 5, 2012," he added. "Cumulatively, the bullion price has soared by a total of Rs2,000, or 3.2 percent, in the last two days." ...

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