ISLAMABAD: Most people and the common man think that gold price is directly proportional to the value of currency particularly the US dollar. However, in Pakistan, the local currency even improved a bit against the greenback during the last couple of weeks. But on the contrary price of the gold is breaking record after record.
On Thursday, the price of per tola gold in the local market reached a record and historic high of Rs241,100 after the precious metal gained a surge of Rs2,200 during the day. This is the first time when the price of gold reached over Rs2,40,000 in Pakistan on 11th June, 2023, price of the precious metal reached Rs,240,000 but just for a single day and then went down. Eeben in October 2023, it price was down to Rs2,05000 per tola.
Meanwhile, the rates for the 10-grams of the precious metal also observed an increase of Rs1,886 to settle at Rs206,704 as per rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Whereas the price of silver went up by Rs40 to settle at Rs2,650 per tola.
Gold Price in International Market
The recent price increase in the local market was only due to the sharp and continuous increase in the international market as the price of the precious metal remained unstoppable during the last couple of weeks and went up time and again.
As the international market of the yellow metal remained highly volatile during the last couple of days due to different reasons including investment from the Chinese investors their stock market remained bearish.
Meanwhile being a safe heaven, besides from other investors, scores of private banks in the US even invested in the gold taking its price to near 2300 per ounce.
It was the reason, its price continued to surge during the last few days as on Wednesday, its price went up further by $17 to settle at 2,290 from the previous day’s price of $2,273 per ounce.
During the last couple of days, the yellow metal in the international market witnessed a major increase that affected most of the bullion markets in the world. After the huge increase, its price went up by over $200 per ounce during the last two to three weeks. The Price of the precious metal in the local bullion market is mostly affected by the price in the international market.
