Gold price in Pakistan surpasses Rs217,000 per tola

In Monday’s trading session, the price of 24-karat gold witnessed a surge, with a per-tola increase of Rs400, reaching Rs217,200.

This marks a notable uptick from its previous closing at Rs216,800. Similarly, the cost of 10 grammes of 24-karat gold experienced an increment of Rs1,543, now standing at Rs186,214, compared to its earlier rate of Rs185,871.

Concurrently, the rates for 10 grammes of 22-karat gold rose to Rs170,696 from Rs170,382, as outlined by the All Sindh Sarafa Jewellers Association.

Maintaining stability, the prices of silver remained unchanged, with per tola and ten-gramme silver being quoted at Rs2,670 and 2,289.09, respectively.

On the global front, the international market witnessed a $3 increase in the price of gold, reaching $2,043 from $2,040, according to the association’s report.

Shifting focus to economic indicators, the State Bank of Pakistan (SBP) announced a surplus in the current account, reporting a noteworthy $9 million surplus for November 2023.

This represents a remarkable improvement, considering the current account deficit (CAD) was recorded at $775 million in July 2023.

The data provided by SBP indicates a substantial turnaround, with the CAD evolving from $15.7 million in the last financial year to the recent surplus.

The positive trend in the current fiscal year continues, with the CAD for the first five months showing significant improvement.