Gold Price in Pakistan Today , Gold Price -17, April, 2023 . The domestic market witnessed another surge in the price of gold on Monday, following a major drop due to the decline in the international gold rate.
According to the data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs1,100 per tola and Rs943 per 10 grams, reaching Rs217,100 and Rs186,128, respectively.
The increase in the value of the precious metal was in line with the international market, which saw a $5 rise to settle at $2,008 per ounce. Additionally, the depreciation of the rupee by Re0.31 or 0.11% against the US dollar in the interbank market also contributed to the surge.
The APSGJA also highlighted that the Pakistani gold market was currently cheaper than the global market, with the price of gold being Rs5,000 per tola “undercost” in Pakistan as compared to the Dubai market. Last week, the price of gold had reached an all-time high of Rs218,600 per tola in Pakistan, driven by the country’s economic crisis and high inflation.
Gold is a popular asset during economic turmoil, as it is considered a reliable hedge against inflation and the decline in the value of the rupee. Its prices also rise during Ramadan due to seasonal demand. According to a report by Topline Securities, gold outperformed all other assets in 2022.
In contrast, the price of silver, which had also reached a record high in the domestic market last week, declined by Rs40 per tola and Rs33.36 per 10 grams, reaching Rs2,530 and Rs2,170, respectively.