Gold price in Pakistan surged by 1.4% and rose by Rs2,250 per tola and Rs1,929 per 10 grams to settle at an all-time high of Rs166,400 and Rs142,661.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the gold price reached a record high of Rs164,150 per tola as people sought refuge in the safe-haven commodity amid mounting economic concerns.
Domestic silver prices remained constant at Rs1,860 per tola and Rs1,594.65 per 10 grams.
The APSGJA noted that despite gold’s all-time high in Pakistan, its price remained below cost. On the other hand, Dubai’s gold price is Rs3,000 per tola higher.
The latest pricing for local markets was based on buyer-seller trades.
Bloomberg reported Wednesday that gold demand in Pakistan surged 34% to 13 tonnes between July and September 2022 from a year earlier.
This was the most gold purchased in a quarter in three years.
Gold normally followed worldwide prices, which have been under pressure this year due to the US Federal Reserve’s aggressive tightening policies.
Internationally, gold rose $10 per ounce to $1,784
Since gold prices have reached new highs in the country, gold merchants say the industry has become unprofitable.
Gold investors only. Marriages and other rituals employ artificial jewelry.
