Gold prices in Pakistan have risen to approach a historic high, with the tola price of 24 carat increasing by Rs1350, according to news on Thursday.
According to the All Sindh Sarafa Jewellers Association, the per tola price of 24 carat metal climbed by Rs 1350 on Thursday and was sold at Rs 218,200, up from Rs 216,850 the previous day.
Hike of Gold prices
The price of 10 grammes of 24-karat increased by Rs 1157 to Rs 187,071 from Rs 185,914, while the price of 22 karat increased to Rs 171,482 from Rs 170,421.
The per tola and ten-gram silver prices stayed constant, closing at Rs 2530 and Rs 2170, respectively.
The price in the international market increased by US$ 26 to $2000, compared to its sale price of $1974, according to the association.
Gold rate in Pakistan – Friday 21 Apr, 2023
| Gold Rate | 24K Gold | 22K Gold | 21K Gold | 18K Gold | |||||
| Per Tola | 234,930.71 | 215,353.15 | 205,564.37 | 176,198.03 | |||||
| Per 10 Gram | 201,363.42 | 184,583.14 | 176,193.00 | 151,022.57 | |||||
| Per 1 Gram | 20,136.34 | 18,458.31 | 17,619.30 | 15,102.26 | |||||
| Per Ounce | 570,881.62 | 523,308.15 | 499,521.42 | 428,161.21 |
Meanwhile, the Pakistani rupee gained 43 paisas versus the US dollar in interbank trading, finishing at Rs283.46 against Rs283.89 the previous day.
According to the Forex Association of Pakistan (FAP), the open market buying and selling rates for dollars were Rs 287.5 and Rs 290, respectively.
According to the State Bank of Pakistan (SBP), the price of the Euro fell by 83 paisas to settle at Rs 310.60, down from Rs 311.43 the previous day.
Last week, the yellow metal reached a record high of Rs218,600 per tola. It then fell to Rs216,000 per tola on April 15 as the rate on the foreign market fell. As the new week began, it was once again on the increase.
The international price rose by $26 today to settle at $2,000 per ounce, affecting the domestic market rate as well.
The increasing demand for the precious metal, as well as the resulting increase in its value, can be related to the country’s economic difficulties.
People prefer to buy gold during economic downturns because it is considered a hedge against inflation and the depreciation of the local currency.
Furthermore, according to a Topline Securities research, the G will be the best-performing asset in 2022.
According to the association’s data, the price of silver in the domestic market remained steady at Rs2,530 per tola and Rs2,170 per 10 grammes.
To read our blog on “Gold values are falling, all eyes on interest rate,” click here
