Gold Prices Surge in Pakistan Amid Global Market Influences
In a significant development, the price of gold per tola in Pakistan has increased by approximately Rs5,000 within a week, driven by trends in the global market.
This week witnessed a remarkable rise in gold prices, with a total increase of Rs5,100 per tola, pushing the price to an all-time high of Rs277,000. Similarly, the price of 10 grams of 24-karat gold also surged by Rs4,372, reaching Rs237,482. On the international front, gold prices per ounce rose by $48, now standing at $2,665.
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The rising gold prices have led to a notable decline in imports. According to official documents, gold imports in Pakistan fell by 41.64% annually in August, with only 22 kg imported at an import bill of $1.742 million. In contrast, 47 kg of gold was imported in August of the previous fiscal year, costing $2.985 million.
Experts attribute the surge in gold prices to several factors, primarily the ongoing global conflicts that impact market rates and the fluctuating dollar rate. Notably, both the US and Russia have reduced their markup rates, while demand for gold in China and India has risen. Increased purchases from these countries typically lead to higher global gold prices.
Traders in the gold market predict that prices may continue to climb, potentially reaching Rs300,000 per tola by next year. This outlook is fueled by gold’s status as a safe investment, attracting many individuals to invest in this precious metal amid economic uncertainties.
As the situation unfolds, market participants will be closely monitoring global developments and their potential impact on gold prices in Pakistan.
