Pakistan Sees 50% Surge in Gold Imports in August 2023

Pakistan Sees 50% Surge in Gold Imports in August 2023

Karachi, September 20, 2023 – Pakistan has witnessed a substantial 50 percent increase in the import of gold in August 2023 compared to the previous month, according to official statistics released by the Pakistan Bureau of Statistics (PBS).

In August 2023, the country imported gold valued at $2,985,000, compared to $1,986,000 in July 2023. This surge in gold imports has been attributed to rising domestic demand for gold jewelry, particularly due to the ongoing wedding season.

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Market sources have pointed out that the increased demand for gold is a common trend during wedding seasons, as gold jewelry is traditionally a popular choice for weddings and other significant events in Pakistan.

However, some experts suggest that the surge in gold imports also reflects a growing perception of gold as a secure investment, especially in uncertain economic conditions. Gold has historically been considered a safe haven asset during times of economic volatility.

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It’s worth noting that despite a significant decline in the value of the US Dollar against the Pakistani Rupee (PKR) in recent weeks, the bullion market has not adjusted prices downward to match this trend.

For the period of July to August in fiscal year 2023-24, gold imports have increased by 44 percent, reaching $4,971,000 compared to $3,449,000 in the same period of the previous fiscal year. This increase in imports can be attributed, in part, to the falling price of gold in the international market.

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In the first two months of the current fiscal year, Pakistan has imported 102 kilograms of gold, a significant increase from the 65 kilograms imported during the corresponding months of the previous fiscal year, marking a 56 percent growth in gold imports.

The surge in gold imports highlights the dynamic nature of the precious metal market in Pakistan, with both seasonal factors and economic conditions influencing consumer and investor behavior in the gold sector.

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