Business

Gold prices exceed Rs218,000 per tola in Pakistan

The prices go up as the local currency plunged to an unprecedented low against the US dollar in the interbank market.

GNN Web Desk
Published 2 years ago on Apr 12th 2023, 12:21 am
By Web Desk
Gold prices exceed Rs218,000 per tola in Pakistan

Karachi: Gold prices in Pakistan surged to a record high, exceeding the Rs218,000 threshold as the local currency plunged to an unprecedented low against the US dollar due to the government's inability to restore confidence in the market.

The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) confirmed the increase in the prices. They said that the price of 24-carat gold rose by Rs600 per tola and Rs514 per 10 grams to settle at Rs218,300 and Rs187,157, respectively.

The price of gold followed the rupee's movement, which fell 1.34 or 0.46% to 288.43 against the US dollar in the interbank market, as well as an increase in weekly inflation. In the domestic market, silver prices also hit historic highs, rising by Rs40 per tola and Rs34.30 per 10 grams to settle at Rs2,520 and Rs2,160.5, respectively.

In contrast, the international gold price dropped $1 per ounce to settle at $2,001. These price movements demonstrate the impact of economic and market factors on precious metals such as gold and silver.

Investors often turn to these assets as a safe haven during times of economic uncertainty, inflation, and currency devaluation. The increase in gold and silver prices in Pakistan reflects the country's current economic climate, which is facing significant challenges.