Gold prices in Pakistan have reached a new all-time high, with 24-carat gold per tola increasing by Rs 1,700 to a record Rs 263,700. The price of 10 grams of gold also rose by Rs 1,457 to Rs 226,800.
The increase in gold prices in Pakistan is in line with the global trend, as gold prices have risen by $20 to $2,512 per ounce in the international market. The rise in gold prices is due to a number of factors, including concerns about the global economy, inflation, and geopolitical tensions.
The increase in gold prices is likely to have a negative impact on the Pakistani economy, as gold is a major import for the country. The rise in gold prices will also lead to an increase in the cost of jewelry and other gold products.
However, the increase in gold prices may also be a positive development for the Pakistani economy, as it could lead to an increase in investment in gold. Gold is often seen as a safe haven asset, and investors may be turning to gold to protect their wealth from economic uncertainty.
The Gem and Jewelers Association (GJA) has urged the government to take steps to curb the rise in gold prices. The GJA has also called on the government to provide relief to the jewelry industry, which is facing a decline in sales due to the high gold prices.
It is important to note that gold prices are volatile and can fluctuate significantly. Investors should be aware of the risks involved in investing in gold.
