Gold price Per tola in Pakistan Up Rs 900 in Single Day

Staff Report

Gold price Per tola in Pakistan has witnessed continuous increase as it went up on Wednesday, registering a substantial increase of Rs 900 in a single day

According to the global market trends, gold prices in Pakistan saw a continuous increase. As of November 22, 2023, the price of one tola of 24-karat gold (about 11.66 grams) touched Rs 216,500, a significant increase of Rs 900 in a single day. Similarly, the price of 10 grams of gold rose by Rs 766 to Rs 185,614.

The rise in gold prices followed a global pattern, with international gold prices at,022 an ounce, up, and a premium of in the Pakistani market. Despite the rise in gold prices, silver prices remained stable at Rs 2550 per tola.

A historical perspective of the last ten sessions shows the volatility in gold and silver prices, with gold touching Rs 216,500 per tola on November 18 and 17, and silver prices remaining flat.

The gold market in Pakistan is significantly influenced by the US dollar and international gold prices, as the country mainly imports the precious metal. Dollar appreciation against rupee, interest rates, investor behavior, economic uncertainty, and demand and supply have contributed a lot in setting prices of gold In times of economic crisis or currency devaluation, investors often turn to gold as a safe haven.

Gold price in Pakistan touched an all-time high of Rs 240,000 per tola on 10 May 2023, due to rupee depreciation and economic and political uncertainty. The demand for gold, partly due to its use in jewelry, also affects its market value, although this effect is relatively small compared to other factors.

The recent rise in gold prices in Pakistan reflects domestic economic factors and global market trends as well.