On Tuesday, as the rupee continued to weaken against the US dollar, gold prices in Pakistan maintained their historically high upward trend. Gold prices rose by Rs. 3,900 per tola and Rs. 3,344 per 10 kilos, according to statistics provided by the All Pakistan Sarafa Gems and Jewellers Association, to close at Rs. 178,800 and Rs. 153,292, respectively.
Since the beginning of the current month, the price of gold has increased by more than 10% per tola, or approximately Rs. 17,000 per tola. Due to the depreciation of the rupee vs the US dollar, several financial experts predict that the price of gold per tola would surpass the Rs. 200,000 mark.
Gold’s price increased by $12 per ounce on the global market, crossing the $1,800 threshold and settling at $1,808.
The cost of silver increased as well, reaching a record high. After increases of Rs. 30 and Rs. 25.72, respectively, the prices jumped to Rs. 2,050 per tola and Rs. 1,757.54 per 10 grammes.
Additionally, investors have been forced to focus on gold and other secure assets due to the unstable exchange rate.
The United States possesses, by far, the largest stock of gold reserves in the whole world.
In fact, the US government has greater reserves than the next three gold-holding countries put together (Germany, Italy, and France). Russia comes in fifth on the list to complete it.
To read our blog on “Pakistan’s gold price soars to almost Rs. 175,000 per tola,” click here.