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Pakistan Gold demand improves modestly during Jan-Mar

May 5, 2023 at 11:14 pm | Economic Affairs

May, 05(E. A Report) ——Pakistan Gold demand modestly improved, registering an increase of 2% to 9.9 tonnes during January-March 2023 against 9.7 tonnes recorded in same period previous year, data compiled by the World Gold Council (WGC) showed on Friday.
Demand for the yellow metal registered a decline of 2% as compared to 10.1 tonnes in the previous quarter on a quarterly basis.
Development coincides with gold prices in Pakistan having reached record highs, traders said. A tola of gold surged by Rs2,600 to Rs225,300.
As per data released by the WGC, global gold demand, excluding over-the-counter (OTC), was 13% lower year-on-year (YoY) basis, at 1,081 tonnes in 1Q23.
Inclusive of OTC, total gold demand strengthened 1% YoY to 1,174 tonnes as recovery in OTC investment – consistent with investor positioning in the futures market – offset weakness in some areas.
“Demand from central banks experienced significant growth during the quarter. Official sector institutions remained keen and committed buyers of gold, adding 228 tonnes to global reserves,” added the report.
Internationally, gold made another run toward record highs on Thursday as US banking concerns accelerated a flight to the safe-haven asset and sustained its stellar rally driven by bets for a pause in US rate hikes.
Spot gold was up 0.3% at $2,045.79 per ounce after climbing earlier to $2,072.19, shy of a record high of $2,072.49

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