Gold Rate, Gold Price in Pakistan Today -8, May, 2023 . In the midst of a stalled International Monetary Fund (IMF) bailout program and gloomy economic prospects, gold prices in Pakistan have once again reached an all-time high.
The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the rate of gold (24 carats) has increased by Rs1,400 per tola and Rs1,200 per 10 grams, reaching Rs226,900 and Rs194,530, respectively.
The international market also saw a rise in the value of gold, increasing by $5 to settle at $2,022 per ounce.
The rise in gold prices was attributed to a weakened dollar, prevailing economic risks, and investor preparation for US inflation data to gauge the Federal Reserve’s policy path.
With weakening economic fundamentals, a depreciating rupee, and soaring inflation, many people in Pakistan are turning to gold as a means of protecting themselves against inflation and currency depreciation.
The delay in the revival of the IMF program is also impacting the currency market, bolstering the demand for gold.
In addition, data from the APSGJA showed that the price of silver hit record highs, increasing by Rs30 per tola and Rs25.72 per 10 grams, settling at Rs2,900 and Rs2,486.28, respectively.