Islamabad: Gold started 2023 on a high note as the price shored up by Rs3,300 per tola in Pakistan on Monday.
According to the data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold increased by Rs3,300 per tola on Monday to settle at Rs187,200. Similarly, the price of gold on a ten-gram basis also went up by Rs2,829 to settle at Rs160,494.
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.
According to market watchers, the price of gold in Pakistan is still higher than that in the international market. Details show that currently, the per tola price is Rs6,500 higher in Pakistan as compared to Dubai.
Silver rates increased by Rs30 per tola to reach a record high of Rs2,100 in the country. The price of 10-gram silver also rose by Rs25.71 to Rs1,800.41.
