Gold traders anticipate that prices will keep climbing, potentially reaching Rs300,000 per tola next year. Influenced by the global market, the price of gold in Pakistan surged by approximately Rs5,000 this week.
This week saw a record rise in gold values both locally and internationally, with prices increasing by Rs5,100 per tola, bringing the total to an all-time high of Rs277,000. Additionally, the price of 10 grams of 24-karat gold rose by Rs4,372, now standing at Rs237,482. On the global front, the price of gold per ounce increased by $48 to $2,665.
However, the rising prices have led to a significant decline in gold imports. Official documents indicate that gold imports fell by 41.64% year-on-year in August, with only 22 kg imported at an expense of $1.742 million. In comparison, 47 kg was imported during the same month last year for $2.985 million.
Experts point to several factors driving up gold prices, particularly the global geopolitical situation, which heavily influences international rates and the value of the dollar. Furthermore, as the U.S. and Russia lower their markup rates, demand for gold in China and India has surged. Increased purchasing activity in these countries typically drives up gold prices.
Gold traders are optimistic about the future, predicting continued price increases due to gold’s status as a safe investment, prompting more individuals to invest in it.
