Gold price increases by Rs.2,200 per tola in Pakistan.
Domestic gold prices kept setting records as one-tola and 10-gram prices on Monday reached new highs of Rs174,900 and Rs149,948, respectively, after rising by Rs2,200 and Rs1,886.
According to the All Sindh Saraf Jewellers Association (ASSJA), the price of gold on international markets increased by $3 to $1,796 per ounce.
Since January 1 when rates were Rs126,200 per tola and Rs108,196 per 10 grammes, respectively, gold prices have increased by Rs48,700 per tola and Rs41,752 per 10 grammes, even though the international price of the yellow metal was circling at $1,830 per ounce at the time.
The US dollar’s scarcity and the fact that its price is higher on the black market than the open market are driving up the price of gold, according to ASSJA President Haji Haroon Rasheed Chand.
He said: “The demand for pure gold has increased in the market and big investors are investing their money in the yellow metal considering it to be safe for their wealth.”
Chand added that if a similar situation persisted then the per tola price for gold could reach Rs200,000.
Meanwhile, silver prices also registered gains and rose to an all-time high of Rs2,020 per tola and Rs1,731.82 per 10 grams after an increase of Rs40 and Rs34.29, respectively.
During this time, silver prices also increased, reaching record highs of Rs2,020 per tola and Rs1,731.82 per 10 grammes, respectively, after increases of Rs40 and Rs34.29.
Citizens are worried as gold price increases by Rs.2,200 per tola in Pakistan.
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