Gold Price in Pakistan Breaks All Previous Records
The Gold Price in Pakistan has broken all the previous records and reached an all-time around 5000 per tola.
People in Pakistan usually buy gold as a safe-haven asset from all the circumstances like inflation and currency devaluation. As Pakistan imports most of its gold, a weaker rupee means it costs more to import the precious metal, which adds to its price.
According to All-Pakistan Sarafa Gems and Jewellers Association(APSGJA), gold (24 carats) went high from 5000 per tola to 214500.
Moreover, the price of 10 grams also rises by Rs 4,288 to Rs 183,900.
As COVID-19 continues ravaging the global economy, investors are flocking toward gold, increasing its price.
Read More: Gold Rate in Pakistan March 2023
In the last two sessions(Monday-Tuesday), the Gold price went high, over 6000 per tola. On Tuesday it went 1200 per tola high. The Pakistani Rupee slipped around the revival of the International Monetary Fund(IMF). Pakistani Rupee gets down to Rs 287.29 against the US Dollar today in the interbank market.
On the other hand, the international market spot where gold fell 0.2% to $1979.69 per ounce by 1131 GMT, while US Gold futures were also down to 1996.40.
In recent studies, Gold prices are likely to be high foreseeable future as long as the pandemic continues to disrupt global trade and investment.
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