- The price of gold (24 carat) increased by Rs 800 per tola.
- International gold prices rose to $1,990 per ounce.
- Silver price per tola is stable at Rs 2600.
Gold prices hit new highs on Saturday as the country’s economic crisis persisted amid delays in an agreement with the International Monetary Fund (IMF) program.
According to data provided by the All Pakistan Sarafa Gems and Jewelers Association (APSGJA), the price of gold (24 karat) increased by Rs 800 per tola and Rs 686 per 10 gram to Rs 219,500 and Rs 219,500 respectively. 188,186 fixed at Rs.
The price of gold in the international market increased by 6 dollars to reach 1990 dollars per ounce. As a result, prices of the precious metal also increased in Pakistan.
gave The rate of gold Pakistan has had a sustained upward trend, as economic fundamentals weakened, the rupee depreciated and inflation reached record highs. In such times people prefer to buy precious metal to protect themselves from inflation and currency depreciation.
On April 11, the rupee had hit an all-time low of Rs 288.43 against the US dollar in the interbank market. While it has since recovered, the US dollar continues to trade above Rs 280.
Another reason for the rise in demand for gold is the delay in an economic bailout agreement with the IMF, without which the country is at risk of default.
A delay in the recovery of the IMF program has a negative impact on the currency market, which in turn increases the demand for gold.
Data shared by the association showed that silver prices remained stable at Rs 2,600 per tola and Rs 2,229.08 per 10 grams respectively.