Gold prices expected to rise in Pakistan

Islamabad: Gold prices in Pakistan are expected to rise further due to a five-month ban on the import of the metal.

The Pakistan Bureau of Statistics (PBS) reported that no gold was imported from March to July which caused a shortage for jewelers.

This import ban has sparked concerns about more price hikes. In the fiscal year 2023-24, Pakistan imported 262 kg of gold worth approximately $17 million, compared to 566 kg worth over $30 million in 2022-23.

Without a clear explanation from the government, jewelers warn that the ongoing ban could result in further price increases and market instability. Recently, the international gold price jumped by $37 to $2,430 per ounce, causing the price in Pakistan to rise by Rs 1,000 per tola, reaching Rs 256,500 per tola.

The World Gold Council also predicted that a potential downturn in the U.S. economy could drive gold prices higher in 2024.