On May 10th, the All Pakistan Gems and Jewelers Association reported a sharp increase in the price of gold. The price of 10 grams of gold surged by Rs 8,487, reaching a historic high of Rs 205,761. This marks the first time in the country’s history that 10 grams of gold has crossed the Rs 2 lakh mark.
Meanwhile, the price of gold per tola also saw a significant increase, soaring by Rs 9,900 to reach Rs 240,000. According to the association, this value is the highest ever recorded for gold in the country’s exchange.
It should be noted that the surge in gold prices is not limited to Pakistan. The association reported that the price of gold in the world exchange is steady at $2031 per ounce.
The steep rise in gold prices is attributed to various factors, including the ongoing COVID-19 pandemic, the economic downturn, and the depreciation of the Pakistani rupee against the US dollar.
Despite the soaring gold prices, experts suggest that the demand for gold is unlikely to decrease in Pakistan. Gold is a popular investment and gift item, especially during the wedding and festival seasons.