Gold Hits Record in Pakistan as Economic Woes Spur Buying Frenzy
- Pakistan facing a dollar shortage, delay in IMF loan program
- Investors aggressively buying the yellow metal, analyst says
A man arranges gold jewelry at his shop in Karachi.
Photographer: Rizwan Tabassum/AFP/Getty ImagesThis article is for subscribers only.
Gold prices in Pakistan surged to a record as people took refuge in the safe-haven metal on mounting concerns that the nation’s economic conditions will deteriorate further.
“People are looking at banks not clearing payments and fearing the worst,” said Khurram Schehzad, chief executive officer at Karachi-based Alpha Beta Core Solutions Pvt. The price jump is the result of aggressive buying by investors as another safe bet — buying dollars — is not widely available due to economic woes, he said.