According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the cost of 24-carat gold has surged by Rs150 per tola and Rs129 per 10 grams, with prices now standing at Rs218,800 and Rs187,586, respectively.
This is a continuation of the upward trend in gold prices, which is linked to the country’s economic turmoil, including a weak economy, currency depreciation, and high inflation. Due to these factors, people tend to buy gold as a hedge against inflation and currency depreciation.
In addition, the delay in an agreement with the International Monetary Fund (IMF) for a much-needed economic bailout has also contributed to the increased demand for gold. The delay in the IMF programme negatively affects the currency market, which boosts the demand for gold.
The rupee had hit an all-time low of Rs288.43 against dollar On April 11, although it has since recovered. The price of silver in the domestic market, which reached a record high, remained unchanged at Rs2,570 per tola and Rs2,203.36 per 10 grams, respectively, according to the APSGJA’s data. In the international market, the price of gold gained $1 to settle at $2,001 per ounce.
