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Gold, silver peak to fresh all-time high in Pakistan

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  • Gold price settles at an all-time high of Rs164,150 per tola.
  • Silver price clocks in at Rs1,860 per tola.
  • Gold is cheaper by Rs3,000 per tola compared to its price in Dubai.

Gold and silver touched new peaks in Pakistan on Wednesday as the rupee rout against the US dollar entered the third day in the interbank market.

The price of gold rose by Rs250 per tola and Rs214 per 10 grams to settle at an all-time high of Rs164,150 and Rs140,732, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Meanwhile, silver prices in the domestic market surged by Rs80 per tola and Rs68.59 per 10 grams to settle at Rs1,860 and Rs1,594.65.

Gold and silver price is climbing high in the local bullion market with investors scurrying for a safe haven after a softening currency and bleak economic data underlined the shaky pace of growth.

On December 5, the yellow metal touched a record high of Rs164,000 per tola in the local market as the stability of the Pakistan rupee against the US dollar shifted investors’ focus towards a safe-haven asset.

The precious commodity is expected to maintain an uptrend as international prices are once again eyeing a $1,800 mark while there is no hope of stability in local currency till the country receives funds from friendly countries and clears the ninth review of the International Monetary Fund (IMF).

However, gold dealers lament that since gold prices were touching new peaks in the country, it had seized to exist as a lucrative business in the country.

Only investors are investing in gold here. Otherwise, artificial jewellery is being used in marriages and other ceremonies

The association mentioned that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs3,000 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

In the international market, the price of the yellow metal pulled back slightly and remained in a tight range as investors eyed next week’s US Federal Reserve meeting for confirmation on its interest rate hike trajectory.

Gold price registered a meagre decline of $1 per ounce settling at $1,774.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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Gold prices in Pakistan have risen by Rs 1,200 per tola.

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The price of one tola of 24 carat gold rose by Rs1,200 and reached Rs246,800 on Thursday, compared to its previous sale price of Rs245,600 on the last trading day.

According to the All Sindh Sarafa Jewellers Association, the cost of 10 grammes of 24 karat gold rose by Rs1,029 to reach Rs211,591, compared to the previous price of Rs210,562. Similarly, the price of 10 grammes of 22 carat gold jumped from Rs193,016 to Rs193,959.

The price of silver remained unchanged at Rs2,900 per tola and Rs2,486.28 per ten grammes.

According to the association, the international market price of gold rose by $10, reaching $2,382 from $2,372.

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The federal government has declared wage and pension increments for its employees.

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The Ministry of Finance has formally declared a rise in the remuneration and retirement benefits of personnel working for the federal government, offering substantial economic alleviation.

According to the notification, personnel in grades 1 to 16 will experience a 25% increment in their salaries, while officials in grades 17 to 22 will be granted a 20% rise. The implementation of this modification will commence on July 1, 2024, and will be applicable to the employees’ fundamental remuneration.

In addition, retired federal government employees would receive a 15% rise in their pension payments. This increase is applicable to retirees from both the civilian and military sectors. It is important to mention that employees who retire on or after July 1, 2024, will also qualify for this pension rise.

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The 15% increase in pension will be computed based on the amount of pension received by retired employees after deductions. Nevertheless, the letter specifies that ad hoc aid will not be factored into the calculations for pension and gratuity.

Moreover, this increment will have no effect on the calculation of housing rent allowances for employees.

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