GNN on Google Play Store GNN on Apple App Store
Connect with us

Business

Gold prices expected to rise in Pakistan

Pakistan Bureau of Statistics says no gold was imported from March to July which caused shortage for jewelers

Published

2 hours ago

on

By

Gold prices expected to rise in Pakistan
GNN Media: Representational Photo

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.

 

Continue Reading

Trending