Gold price surpasses Rs180,000 per tola, sets new record in Pakistan:
Gold price surpasses Rs180,000 per tola, sets new record in Pakistan
In Pakistan, Gold prices have continued to rise and reach new highs, with the per-tola price exceeding the critical Rs180,000 mark for the first time.
The price of gold increased by Rs1,850 per tola and Rs1,586 per 10 grammes, respectively, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), to settle at record highs of Rs180,650 and Rs154,878, respectively.
The association cited uncertainty as the reason for its unexpected decision to delay the release of gold rates a day earlier.
According to APSGJA President Haji Haroon Rasheed Chand, the “uncertain market situation” is the reason for the halt in bullion rates.
Since December 1, gold prices have risen by Rs19,450 per tola, or 12.06 percent, raising concerns about whether the recent price increases are sustainable or represent an unsustainable bubble.
It should be noted that the APSGJA announces the price of gold each day after determining it based on its rates on international markets, the rupee-dollar exchange rate, and domestic demand and supply.
Analysts believe the recent price increase is due to a lack of dollars in Pakistan and a widening gap between interbank and open market exchange rates; however, grey markets for the valuable commodity have also fueled speculation.
Experts predicted that the price of gold could rise to Rs200,000 per tola due to the rupee’s depreciation against the US dollar during the current cycle.
