Islamabad: After rising to an all-time high, the price of gold decreased marginally on new year’s eve in Pakistan on Saturday.
According to the data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold decreased by Rs200 per tola to settle at Rs183,900. Similarly, the price of gold on a ten-gram basis also dropped by Rs171 to settle at Rs157,665.
In 2022, the per tola price of gold gained Rs57,900 or 45.95%, going up from Rs126,000, reaching the all-time high of Rs184,100, and closing the year at Rs183,900.
Gold is considered to be a safe haven against inflation — which reached a multi-decade high during the year.
Investors poured money into the precious yellow metal to safeguard their positions during the year as the economic crisis led by political turbulence boosted the metal’s appeal.
Meanwhile, silver prices in the domestic market remained unchanged at Rs2,070 per tola and Rs1,770.74 per 10 grams.
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%.