One-tola and 10-gramme rates for domestic gold reached record highs of Rs178,800 and Rs153,292 on Tuesday after increasing by Rs3,900 and Rs3,344 respectively.
The price of the yellow metal on the global market increased by $12, according to the All Sindh Sarafa Jewellers Association (ASSJA), and surged to $1,808 as a result.
Gold prices have increased by Rs52,800 per tola and Rs45,096 per 10-gramme since January 1 when prices stood at Rs126,200 and Rs108,196 respectively.
Vice President of ASSJA Junaid Samiwala claimed that the lack of pure gold on the market was to blame for the price increase. “Big groups are investing black money in gold for good profits.”
He asked Ishaq Dar, the finance minister, to start an operation on individuals who are stockpiling the yellow metal.
“Gold prices have reached this point today because of speculators. Ideally, as per the dollar rate, gold rates in Pakistan should be Rs152,000 per tola,” Samiwala said, calling for strict action against “groups” controlling the rates.
Furthermore, the price of silver per tola increased by Rs20 to reach Rs2,050. 10-gramme silver costs increased by Rs25.72 to Rs1,757.54.
