Gold shined, with the price hitting a record high of Rs 164,000 per tola.
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Gold shined, with the price hitting a record high of Rs 164,000 per tola. Gold continued to shine on Monday as prices in the international market and the depreciation of the Pakistani rupee against the US dollar pushed it to an all-time high of Rs 164,000 per tola.
The price of gold has increased by Rs 700 per tola. While according to the data released by All Pakistan Sarafa Gems and Jewelers Association (APSGJA), the price increased by Rs 601 per 10 grams to Rs 140,604.
Gold edged higher in the local bullion market as investors sought a safe haven after currency easing and bleak economic data highlighted a shaky pace of growth.
Last week, the gold touched an all-time high of Rs 163,500 per tola in the local market as the strengthening of the Pakistani rupee against the US dollar drew investors’ attention to safe havens.
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Overall, gold prices rose by Rs 3,750 or 2.35 per cent per tola during the week ending December 3, 2022.
The upward trend in the precious commodity is expected to continue as international prices are once again eyeing the $1,800 mark until the country receives funds from friendly countries and approval of the ninth review of the International Monetary Fund. There is no hope of stability in the local currency”. IMF).
However, the association said that although the price of gold in Pakistan is at an all-time high, it is still priced below cost. Gold is cheaper by Rs 2000 per tola compared to its price in Dubai.
The updated price for the local markets was determined by taking into account the prices at which the buyers and sellers traded.
However, gold dealers lamented that their business was affected due to lack of purchasing power despite the wedding season.
In the international market, gold prices retreated slightly from five-month highs on Monday as the US dollar pared some losses, although the metal remained close to the key $1,800 level, topped by news Billions of consumers in China eased its strict COVID-19 restrictions.
Gold settled at $1,794, a marginal decline of $4 per ounce.
Meanwhile, silver prices in the domestic market remained unchanged at Rs 1,780 per tola and Rs 1,526.06 per 10 grams.
