Islamabad: After four consecutive sessions of rise, the price of gold in Pakistan dropped marginally on Thursday to settle at Rs182,600 per tola.
Data released by the All Pakistan Sarafa Gems and Jewellers Association showed that the price of gold declined by Rs200 per tola to settle at Rs182,600. The price of gold on a ten-gram basis also rose by Rs171 to settle at 156,550.
It must be noted that since December 1, there has been an abnormal rise in the price of gold. According to the data, the price has raised by Rs21,400 per tola. During that period, the precious commodity established a winning streak of thirteen sessions.
According to market watchers, 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.
Meanwhile, the price of per tola and ten-gram silver remained constant at Rs 2050 and Rs 1757.54, respectively.
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) has 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%.