In an astonishing turn, the price of gold in Pakistan has surged by a staggering Rs. 7,700 per tola over the course of just one week, closing at an astounding Rs. 234,500 per tola.
Data unveiled by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) disclosed that the price of 24-carat gold dipped by Rs. 1,000 per tola, ultimately settling at Rs. 234,500.
This notable surge in the price of the precious metal attributed primarily to the devaluation of the Pakistani rupee against the US dollar. Remarkably, the rupee is currently hovering at its record low of 301 against the US dollar.
Evidencing a consistent trend, this marks the second successive weekly escalation in the gold price. Just last week, the price experienced an impressive rise of Rs. 5,000 per tola. As a result, the past two weeks have witnessed gold soaring by nearly Rs. 13,000 per tola.
Gold traders are shedding light on a concerning aspect — soaring inflation is causing a dip in the number of buyers in the market. Remarkably, up to 80 percent of individuals frequenting gold markets nowadays driven by the necessity to sell their gold holdings, striving to make ends meet amidst challenging economic circumstances.