Influenced by the global market, the price of gold per tola in Pakistan increased by around Rs5,000 on a weekly basis.
According to details, a record increase in the value of gold was seen in the global and local market this week. This week, gold increased in price by Rs5,100 per tola, due to which its price reached the highest level in history at Rs277,000.
During the period under review, the price of 10 grams of 24-karat gold in the market increased by Rs4,372 to Rs237,482. In the global market, the rate of gold per ounce increased by $48 to $2,665.
On the other hand, due to rising prices in the world market, a big decrease in gold imports has been recorded.
According to official document, a decrease of 41.64% was recorded in gold imports annually in August, Pakistani importers imported only 22kg of gold, with an import bill of $1.742 million.
Last fiscal year, 47kg gold was imported in August, with an import bill of $2.985 million -- 10kg less than the amount imported in August compared to July.
Reasons and forecast of price increase
According to experts, there are many reasons for the increase in gold prices, but the war situation in the world has affected the rates the most, which is linked to the international market and the dollar rate.
US and Russia have also reduced the markup rate, while China and India have increased the demand for gold. Whenever the purchase of gold in these two countries is high, the price of gold also increases.
Traders associated with the gold business believe that the price of gold will continue to rise, and the rate may reach Rs300,000 per tola next year. This is because of the safe investment in gold, which is why most people invest in it.
