Gold prices receive all time high with Rs2,900 increase in Pakistan

KARACHI: For the first time in history, Gold prices in Pakistan have reached unprecedented levels, with a sharp increase of Rs2,900, bringing the price of gold per tola to Rs289,600.

Similarly, the price of 10 grams of gold touched Rs238,285 as the cost went up by Rs2,486. Analysts explain the rise in  domestic prices of gold due to a massive hike within the international market due to which, during trading, gold  prices jumped  $29 an ounce to an all-time high of $2,772 an ounce in the global market.

The rise in the prices of gold in Pakistan has not been sudden but for the past several days, the graph of its price has seen a sharp ascent.

On Thursday, the gold prices in the local market surged by Rs4,250 to reach Rs287,450 per tola, and the 10 grams gold price had increased by Rs3,642 to Rs246,440.

Earlier, on Tuesday, the price of gold had gained Rs300 and was quoted at Rs283,200 per tola. The continuous rise of gold  price is evidence of its increasing demand as compared to its supply.

In another development, Pakistan Bureau of Statistics (PBS) has revealed that short-term inflation has decreased by 0.77 per cent in the country against the previous week, but it has increased by 0.52 per cent compared to the same period last year.

The report said that major price decreases were observed in essential commodities, such as tomatoes, eggs, onions, potatoes, LPG, gram pulse, chicken, mash pulse, and gur.

The price of tomato declined by 32.99 per cent, eggs by 10.23 per cent, onions by 9.79 per cent, potatoes by 7.37 per cent, LPG by 2.70 per cent, gram pulse by 1.61 per cent, chicken by 1.00 per cent, mash pulse by 0.76 per cent and gur by 0.50 per cent. With the prices of these necessities coming down, consumers are hopeful that they will gain relief and curb inflation.