Connect with us

Hi, what are you looking for?

Online Business Success

Gold price in Pakistan reaches all-time high

409910 050645 updates

A saleswoman shows a jewellery set. — Reuters/File
A saleswoman shows a jewellery set. — Reuters/File
  • Gold shines again, as it hit an all-time high of Rs132,800 per tola.
  • It maintained an uptrend for the past two successive working days.
  • With an increase of Rs800 per tola, price rise by Rs1,600 in two days.

KARACHI: Gold shines once again, as it hit an all-time high of Rs132,800 per tola (11.66 grams) in Pakistan on Wednesday after investors relocated the capital from deflating local currency to the inflating precious metal.

The gain in gold was seen as the commodity turned positive because risk-off sentiment gripped financial markets amid the possibility of more Western sanctions on Russia, although aggressive US rate hike bets kept bullion near a one-week low in the world market during the day.

It maintained an uptrend for the past two successive working days in the domestic market.

With a fresh increase of Rs800 per tola on Wednesday, the commodity cumulatively rose by Rs1,600 in the two days (Tuesday-Wednesday) to Rs132,800 per tola.

Investors took the move (relocating capital to gold) amid political uncertainties and rising concerns regarding economic stability.

The Pakistani rupee has started losing its value since the political unrest began in the country, which has affected the economy and increased concerns; the development convinced investors to relocate their capital from weakening commodities to strengthening gold.

In the international market, spot gold rose 0.3% to $1,928.96 per ounce. US gold futures GCv1 were 0.3% higher at $1,932.40.

Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market.

Advertisement. Scroll to continue reading.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today.


Source link

Click to comment

Leave a Reply


Social Media

Meta has published its Community Standards Enforcement Report for Q1 2022, which provides an overview of its ongoing efforts to detect misuse and abuse...

Top Stories

There are early signs of the “dust settling” in the crypto market now that investors believe that the worst of the Terra (LUNA) collapse...

Social Media

One of the most significant, yet often overlooked benefits of social media marketing is the capacity to tune in, and get a feel for...


In brief: Japanese audio equipment maker Onkyo recently filed for bankruptcy, citing total liabilities of 3.1 billion yen ($24 million). According to a report...

Loan And Finance

Why didn’t Spotify raise its $9.99 / €9.99 / £9.99-per-month Premium prices in more major markets before the average person faced an economic tornado...


What just happened? Did you know Thursday is Global Accessibility Awareness Day? Yeah, me neither. But apparently, this made-up provides companies the perfect opportunity...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...