Pakistan gold Gold price hits record highs in Pakistan as economic conditions push people to buy precious metals
As Pakistan is grappling to meet its external financing needs, local gold prices hit record highs amid a rush to buy the precious metal in fear of worse economic times ahead.
According to local media, investors are quickly buying gold as a safe haven amid continued weakness in the Pakistani rupee against the U.S. dollar and the dire economic outlook. There is also fear that banks won't be able to clear payments. Pakistan has been struggling to get the International Monetary Fund's loan and has been experiencing some dollar shortages. The world's fifth-most populous nation is also still dealing with the devastation caused by recent floods, with an estimated damage of over $30 billion. Following the floods, Fitch Ratings downgraded Pakistan further into junk territory in October.
Pakistan's foreign exchange reserves dropped $784 million to $6.7 billion as of last week, the nation's central bank said in a statement on Thursday.
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