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Gold Price Breaks Another Record, Reaching Rs. 221,000 Per Tola

The price of gold in Pakistan jumped by Rs. 1,500 per tola on Tuesday, extending its march toward an all-time high.

According to figures from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) climbed by Rs. 1,500 per tola to Rs. 221,000, while the price of 10 kilograms jumped by Rs. 1,286 to Rs. 189,472.

Gold (24 carat) climbed by Rs. 800 per tola to Rs. 219,500 on Saturday. The price of gold increased by more than Rs. 10,000 per tola in April.

The price of gold has risen in response to recent news that the government expects headline inflation (CPI) to stay high in the coming months. According to the Pakistan Bureau of Statistics (PBS), the CPI-based inflation rate increased to 36.4 percent on an annual basis in April 2023. Pakistan’s annual inflation rate of 36.4 percent has surpassed Sri Lanka’s benchmark inflation rate of 35.3 percent in April.

The price of gold increased slightly on the global market on Tuesday, with spot gold up 0.2 percent to $1,986.53 per ounce at 1241 GMT and US gold futures up 0.1 percent to $1,994.70.

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