The price of gold in Pakistan has been on a consistent upward trend since the start of the year, gaining almost Rs. 50,000 per tola since January 1, 2024.
The price of gold (24 carats) in Pakistan stood at Rs. 220,000 per tola at the end of 2023. The precious metal began the new year with a fall of Rs. 300 per tola taking the price down to Rs. 219,700 per tola.
However, the slight decline in price was temporary and since then gold has risen by Rs. 48,500 per tola, closing at Rs. 268,500 per tola today (September 19), a new all-time high.
The increase of Rs. 48,500 per tola translated into a 22 percent gain since the start of the year.
Since gold price in Pakistan is directly linked to the exchange rate and international prices, the increase in price in the local market is primarily down to the increase in the international market, as the exchange rate has been largely stable since the start of the year.
Gold prices in the international market have gone up by around 24 percent since the start of the year.
According to Global investment bank UBS, this rally could go further. UBS has a target of $2,700 per ounce (current price is around $2,587) by mid-2025 which means that prices could further rise in Pakistan as well.
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