Bullion prices shoot up to Rs70,500 per tola
Gold prices reached an all-time high rate at Rs70,500 per tola on Monday, according to data compiled by the All Sindh Saraf and Jewellers Association.
This is the highest price of one tola of gold in Pakistan’s history.
Gold prices in the country have been hitting a new high almost every few days in the last few weeks, seeing a biggest jump on February 21 when a tola became Rs1,000 more expensive in one day. The last time gold increased by this much in a single day was on December 27.
Bullion prices reached an all-time high of Rs70,000 per tola on February 27, but fell again the next day. Gold has mostly traded at or slightly above the Rs69,000 level since then. However, in the last week, prices increased by Rs900 to reach their current level.
The prices compiled by the ASSJA come with a lag of a day after changes in international prices. Pakistani traders adjust gold prices based on price movements in the international market and fluctuation in the dollar rates as well as market forces of demand and supply.
Last year, gold prices increased 20%, according to data compiled by the Pakistan Bureau of Statistics. This rise in gold price is in line with international prices, which also increased last year and continued the trend into 2019. When this report went online, gold futures were trading at $1,307 per ounce in the international market,