Gold-price in Pakistan hits all-time high
Domestic gold prices maintained their record-breaking run-on Tuesday. One-tola and 10-gram rates hit an all-time high of 178,800 and Rs153,292 after gaining Rs3,900 and Rs3,344 respectively.
According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of the yellow metal in the international market soared to $1,808 after an increase of $12.
Since January1, when rates were Rs126,200 per tola and Rs108,196 per 10 kilos, respectively, gold prices have increased by Rs52,800 per tola and Rs45,096 per 10 grams.
Vice President of ASSJA Junaid Samiwala told that the market’s lack of pure gold was the cause of the price increase. For good returns, large groups are investing illicit funds in gold.
He encouraged Ishaq Dar, the finance minister, to start a crackdown on individuals who are stockpiling the yellow metal.
The reason why gold prices are at this level right now is speculation. Samiwala stated that the ideal gold rate in Pakistan should be Rs152,000 per tola. He demanded harsh action against “parties” in charge of setting the rates.
In the meantime, gains were made in the price of silver per tola, which increased byRs20 to reach Rs2,050. The cost of a 10-gram silver bar increased by Rs. 25,72 to Rs. 1,757,54.
People worried as gold-price in Pakistan hits all-time high.
