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Gold Prices Continue to Break Records in Pakistan

Domestic Gold prices continue their record-breaking spree as one tola reached Rs 187,000 after gaining Rs 3,300 on 2nd January 2023. The price of gold per tola and for 10 grams increased by Rs 3,300 and Rs 2,829, respectively.

The price hike comes in a market where saving options are already restricted and risky. The rates have increased by Rs 59,800 for 1 tola and 51,096 for 10 grams. This hike comes in connection with the increase in the prices of glittery metal in the International market.

The price of gold increased by $12 per ounce to reach $1,810 per ounce in the global market.

The Chairman of Pakistan Gems Jewellery Traders and Exporters Association (PGTEA) Habib-ur-Rehman said, “Price for 1 tola in Pakistan is Rs 8 to 9 thousand higher than the price in the international market”.

“Rupee devaluation is the reason behind this”, he, added.

“Dollars have become unavailable in the open market and are available in black at a much higher rate of around Rs 260. Because of the lack of dollars, people are resorting to buying gold to save their money’s value,” he added.

Habib-ur-Rehman further explained, “if the war had settled, gold prices in the international market would have come down to $1500 (compared to current $1750-1820)”.

He talked about how the overall global economy also has an impact on gold. Due to the recession, pure gold bricks have become a preferred choice for saving wealth rather than investing it somewhere else.
“If such situations continue, prices are predicted to go up by 30-40%, somewhere around $2500 in the international market,” Rehman added.

Robert Kiyosaki, an investor, author and financial education advocate, talks about the rising prices of gold and silver. He tweeted that it is the last chance to buy gold and silver at such low prices.

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