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Gold Price in Pakistan Jumps to Another Record High

Gold has its worth in Pakistan in different aspects, as it is a commodity and a store of wealth. It is a safe investment in Pakistan. Its prices fluctuate due to varieties of factors in the country.

Gold is rooted deeply in the country’s tradition and culture. The price of Gold varies daily in Pakistan, and it breaks all the previous records in Pakistan; recently, it has jumped to other high records.

People in Pakistan mostly prefer Gold as a secure haven from themselves during the downfall of the country and currency devaluation.

Other studies show that Pakistan imports its Gold in a weaker rupee, which automatically adds to its prices.

Read More: Eid Ul Fitr 2023: Eid Ul Fitr in Pakistan 2023

According to All-Pakistan Sarafa Gems and Jewellers Association(APSGJA), Gold (24 carats) went high from Rs 2500 per tola to Rs 2,17000.

Furthermore, the price of 10 Grams of Gold also went high from Rs 2142 to Rs186,042. Likewise, in other countries, gold price fluctuations occur due to geopolitical tensions and currency exchange rates.

Ultimately, Gold has gained over Rs 8,500 per tola in Pakistan in the last three sessions. The price of Gold on Tuesday went up Rs 1200 per tola, and on Wednesday, it went up Rs 5000 per tola.

Read More: Gold Price in Pakistan Breaks All Previous Records

The Pakistani Rupee slipped around the revival of the International Monetary Fund(IMF). Pakistani Rupee gets down to Rs 287.85 against the US Dollar today in the interbank market. The uncertain country situation and downfall, including all the economic indicators, contributed to the rupee slide.

On the other hand, the international market has also hit its highest since March 2022. the global market spot where Gold was up 0.1% to $ 2,022.79 per ounce by 1120 GMT, while US Gold futures stood at $2,038.10.

In recent studies, Gold prices are likely to be high foreseeable as long as the pandemic continues to disrupt global trade and investment. 

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