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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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Gold prices in Pakistan see record increase

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Pakistan’s gold prices surged by an astounding Rs3,500 on Saturday. The cost of 24-karat gold increased to Rs220,300 per tola as a result of this increase in gold prices across the nation.

The price of 10 grammes of 24-karat gold increased correspondingly, according to dealers, by a significant Rs3,001, to trade at Rs188,872. In a similar vein, 10 grammes of 22-karat gold experienced an increase in price, trading at Rs173,132.

These oscillations have a strong correlation with shifts in the US dollar’s value, demonstrating the complex interplay between gold prices and exchange rates. This emphasises how local gold prices are impacted by events related to the global economy.

Additionally, the price of 24-karat silver increased by a record Rs30 to trade at Rs2,600. The price of gold increased significantly on a global scale as well, by $36, to $2,103 per ounce.

It’s important to understand that fluctuations in the worldwide market can cause considerable fluctuations in gold rates in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information on gold prices.

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The gold price in Pakistan today

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According to the All Sindh Sarafa Jewellers Association, the price of 10 grammes of 24 karat gold increased by Rs772 to Rs184,928 from Rs184,156, while the price of 10 grammes of 22 carat gold increased to Rs169,517 from Rs168,810.

These oscillations are strongly correlated with shifts in the US dollar’s value, demonstrating the complex interplay between gold prices and exchange rates.

This emphasises how local gold prices are impacted by events related to the global economy.

On the other hand, the cost of 24-karat silver was constant at Rs 2,570. Globally, too, the price of gold increased somewhat by $9 to $2,057 per ounce.

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Pakistan receives a $2 billion loan from China, according to the finance minister

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The $2 billion loan was one year ahead of schedule and became due in March. According to reports, Beijing had informed Islamabad of the decision.

The International Monetary Fund granted Pakistan’s cash-strapped economy a $3 billion standby arrangement last summer, but the country is still battling to recover from the financial crisis.

According to ratings firm Fitch, one of the top concerns confronting the next administration would be obtaining funding from bilateral and multilateral partners due to Pakistan’s precarious foreign situation, as was stated last week.

This event occurs one month after Anwaar-ul-Haq Kakar, the acting prime minister, asked for a $2 billion loan to be rolled over for a year in a letter to his Chinese counterpart.

In his letter, Kakar also expressed gratitude for China’s efforts to lessen Pakistan’s load

of foreign payments.

It is to be noted that Pakistan acquired safe deposits of $4 billion from China to address the balance of payments issue.

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