Price of Gold in Pakistan Soars to Another All-Time High

After rising by more than 3,000 rupees a tola on Monday, the price of gold in Pakistan soared to a new all-time high.

Data provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) shows that the price of gold (24 carats) increased by Rs 3,100 per tola to Rs 217,700 and by Rs 2,656 to Rs 186,643 for 10 kilos.

Today’s gain continues the upward trend from the previous week, when the price of gold increased by more than 6,000 rupees per tola. It is important to note that in less than two years, the price of gold in Pakistan has more than doubled.

In relation to the US dollar, the Pakistani rupee dropped 2.44 rupees today and ended the day at 287.09. Following news that Saudi Arabia had informed the International Monetary Fund (IMF) that it would be lending Pakistan $2 billion, the rupee briefly strengthened against the dollar last week. The staff-level deal with the IMF, however, remains a pipe dream as Pakistan attempts to secure guarantees of additional funding from friendly nations.

Read More: Gold Rate in Pakistan March 2023

Gold prices dropped below $2,000 on the world market, with spot gold down 0.9 percent to $1,990.29 per ounce by 14:22 GMT and US gold futures down roughly 1 percent to $2,005.30.

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