Tuesday, April 16, 2024
HomeBusinessPakistan's Gold Price Hits All-Time High Of Rs163,500 Per Tola

Pakistan’s Gold Price Hits All-Time High Of Rs163,500 Per Tola

  • Gold is priced Rs2,000 below cost in compared to the Dubai market.
  • Yellow metal is once again attracting investors looking for a secure haven.
  • Silver’s tola price rises by Rs10 to Rs1,780.

KARACHI: Gold prices in Pakistan jumped by Rs750 per tola on Friday, reaching an all-time high of Rs163,500, in line with the continuous surge in international prices.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola has fixed at Rs163,500. The price per 10 gram rose by Rs643 to Rs140,175.

Given that Pakistan imports the precious metals it need to meet its demand, the rupee’s stability against the US dollar, which is at an all-time high, is assumed to be the primary driver of the rise.

Because the stock market is currently under pressure due to the economy’s overheating, investors are transferring their investments to gold.

Gold is once again enticing safe-haven investors. Analysts believe that consumers often invest in gold during inflationary periods, and inflation is currently Pakistan’s main challenge.

Gold prices in local markets are determined by considering its expenses in international markets, the rupee-dollar exchange rate, and domestic market demand and supply. The most recent price for local marketplaces was picked while taking into consideration buyer and seller currency rates.

Gold climbed $19 per ounce on the international market as cautious investors awaited the publication of US jobs data, concluding at $1,799, but safe-haven bullion was still anticipated to score a second straight weekly gain due to projections of a reduction in the rate of US rate hikes.

Gold is around Rs1,000 cheaper in Pakistan than it is in the Dubai market.

Meanwhile, domestic silver prices rose by Rs. 10 per tola and Rs. 8.58 per 10 gram to Rs. 1,780 per tola and Rs. 1,526.06 per 10 gram, respectively.

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