Islamabad: The price of gold in Pakistan rose to a new all-time high on Tuesday after increasing by Rs 4,500 in one session.
Data released by the All Pakistan Sarafa Gems and Jewellers Association showed that the price of gold rose by Rs4,500 per tola to settle at Rs182,700. The price of gold on a ten-gram basis also rose by Rs3,858 to settle at Rs156,636.
Since December 1, there has been an abnormal rise in the price of gold. According to the data, the price raised by Rs21,500 or 13.3% per tola. During that period, the precious commodity established a winning streak of thirteen sessions.
According to official data, the price of gold is currently “overcost” in Pakistan, which means that, at present, the Pakistani gold market is more expensive than the world market.
Silver rates also increased by Rs30 to Rs2,050 per tola to a new all-time high price in the country. The price of 10-gram silver also rose by Rs25.72 to Rs1,757.54.
Gold imports up by 26.43% in 5 months
The gold imports increased by 26.43% during the first five months of the current fiscal year compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.
The gold imports from July-November (2022-23) were recorded at $11.172 million compared to the imports of $8.837 million from July-November (2021-22), according to the data.
In terms of quantity, Pakistan imported 193 kg of gold during the months under review compared to the imports of 148 kg last year, showing a growth of 30.41%.