Gold price hits an all-time high of Rs163,500 per tola in Pakistan

In line with the continuous increase in global prices, the price of gold in Pakistan rose by another Rs750 per tola on Friday, hitting an all-time high of Rs163,500.

According to information provided by the All Pakistan Sarafa Gold and Jewellers Association (APSGJA), the price of gold for a tola settled at Rs163,500. The price per 10 grammes increased by Rs643 to reach Rs140,175.

Given that Pakistan imports the precious metal it needs to meet its demand, the rupee’s stability against the US dollar at a record high level is thought to be the main cause of the increase.

The stock market is currently experiencing selling pressure due to the economy’s overheating, therefore players are shifting their investments to gold, according to Geo.

Safe-haven investment is once again drawn to gold. Analysts contend that during times of inflation individuals typically invest in gold.

The cost of gold on international markets, the rupee-to-dollar exchange rate, and the supply and demand in domestic markets affect the price of gold on local markets. The latest price for local markets was determined considering the prices at which trade took place among buyers and sellers.

As cautious investors prepared for the release of US jobs data, the price of gold rose by $19 per ounce on the international market, finishing at $1,799, but safe-haven bullion was still expected to post a second consecutive weekly gain due to forecasts of a slowing in the rate of US rate hikes.

In Pakistan, gold is priced about Rs1,000 less than it would be in the Dubai market.

In the meantime, domestic silver prices increased by Rs10 per tola and Rs8.58 per 10 grammes, respectively, to settle at Rs1,780 per tola and Rs1,526.06 per 10 grammes.