Gold prices in Pakistan rise by Rs5,000 per tola in a week

Gold prices in Pakistan have witnessed a rise across the board over the week. The rise has mainly been caused due to the trends prevalent in the international market. With a record increase, the price of gold touched an all-time historical high of Rs277,000 per tola.

Price of 10 grams of 24-karat gold also increased during this period. It rose by Rs 4,372 to reach Rs 237,482. In the global market, prices of gold per ounce increased by $48, reaching $2,665.

The contrast to the ever increasing prices, however, is reflected in Pakistan as there has been a sizeable decline in gold imports. Official documents reveal that the annual decline of 41.64 % has been observed, with only 22 kg imported and an import bill of $1.742 million. This has contrasted sharply with the worth of over $2.985 million which was incurred when 47 kg had been imported in August previous year.

Reasons Behind Price Hike and Future Expectations
Experts attribute various factors with this price hike in gold. According to them, Global conflict and market conditions are the primary reasons behind this price increase. International rates have been affected by present war situations. Moreover, an increase in the rate of the dollar also increases the trend. An increase in demands from big markets like China and India has also encouraged the price rise in gold, mainly when their buying increases.

Gold traders believe that prices will continue to creep up over time, reaching Rs300,000 per tola next year. It’s not surprising then that gold is a staple in so many households, as people perceive it as being the safest and shrewdest of investments.