PESHAWAR: Following a huge rise in gold prices, silver prices in Pakistan are also rising sharply. In Peshawar, silver has gone past Rs. 4,000 per tola, reaching Rs. 4,896, the highest silver price in the history of Pakistan.
Market experts say the increase is largely due to ongoing economic uncertainty and increasing avoidance of risk by investors turning to traditional safe-haven assets such as gold and silver, creating a lot of demand in the marketplace.
In Peshawar, reportedly some larger private investors are holding between 5 to 50 kilograms of gold as a part of the activity from the volatile market. Over the respect month, it has been rumoured that several investors have made millions of rupees on trading in precious metals.
The limited supply of gold/silver as a cash flow vehicle has meant that the price of jewelry has been increased so drastically that households can no longer afford to purchase jewelry. This has resulted in many households changing their focus on their ornament purchases to use less expensive metals.
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Experts predicted that unless the economy stabilizes, the precious metals will continue to rise and price luxury items even further out of the wheelhouse for an average household.
