Gold prices in Pakistan hit an all-time high on May 3, 2023, increasing by Rs1,700 per Tola, according to market sources.
The rate of gold 24 karat per Tola reached a record high of Rs222,700 in the domestic market.
Market experts attribute the surge in gold prices to the increase in prices of the precious metal in the global markets, where the rate of gold rose by $25 to $2,015 an ounce.
The price of gold 24 karat per 10 grams also increased by Rs1,457 to Rs190,929, while the price of gold 22 karat per 10 grams rose to Rs175,019.
Notably, the rate of silver also hit a record high in the domestic market, with silver 24 karat per Tola increasing by Rs20 to Rs2,750. The price of silver 24 karat per 10 grams also rose by Rs17.15 to Rs2,357. In the international market, the price of silver was recorded at $25.36.
This surge in precious metal prices may have significant implications for the Pakistani economy. High gold and silver prices may lead to inflation and may impact industries that use gold and silver as raw materials.
Moreover, these price increases may impact consumers’ purchasing power and reduce their ability to buy these precious metals.
While this trend is not unique to Pakistan, global factors such as the US Federal Reserve’s monetary policy, geopolitical tensions, and the demand for safe-haven assets may continue to impact the prices of precious metals in the domestic market.
As always, investors and consumers should stay informed about market trends and seek advice from financial experts to make informed decisions about buying or selling precious metals.
