Due to concerns about the dollar’s scarcity and the viability of the nation’s political and economic system, the prices of both gold and silver soared on Monday.
Gold prices rose by Rs. 2,200 per tola and Rs. 1,886 per 10 grams, according to data provided by the All Pakistan Sarafa Gems and Jewellers Association, to close at Rs. 174,900 and Rs149,948, respectively.
The cost of silver increased as well, reaching a record high. After increases of Rs. 40 and Rs. 34.29, respectively, the prices rose to Rs. 2,020 per tola and Rs. 1,731.82 per 10 grams.
The price of gold increased by $3 per ounce to settle at $1,796 on the global market.
The unheard-of increase in precious metal prices over the past few weeks is a result of both the global trend and the apparent gap between interbank and open market exchange rates.
Additionally, the volatile exchange rate has compelled investors to turn their attention to gold and other safer assets.
To a wide extent, the United States has the greatest collection of gold reserves in the entire globe.
In fact, the United States government possesses more reserves than the following three gold-holding nations combined (Germany, Italy, and France). Russia completes the list in 5th position.
To read our blog on “50% of all gold reserves in exchange, Barrick settles the Reko Diq case with Pakistan,” click here.