Gold Rate, Gold Price in Pakistan Today -26, April, 2023. Gold prices in Pakistan hit a fresh all-time high on Wednesday, April 26, 2023, amid a slight improvement in the value of the rupee.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs450 per tola and Rs386 per 10 grams to reach Rs218,650 and Rs187,457, respectively. This marks a new record high, surpassing the previous peak of Rs218,600 per tola on April 14.
The rise in gold prices has been largely driven by a weakened rupee and soaring inflation, which prompt people to purchase gold as a hedge against inflation and currency devaluation. The rupee had hit an all-time low of Rs288.43 against the US dollar on April 11, but it has since rebounded slightly. However, the US dollar continues to trade above Rs280.
The delay in an agreement with the International Monetary Fund (IMF) for a much-needed economic bailout is another reason for the increased demand for gold. The delay in the revival of the IMF programme negatively affects the currency market, which boosts the demand for gold.
Meanwhile, the price of gold in the international market remains unchanged at $2,000 per ounce. In addition, the price of silver in the domestic market also reached a record high, with the rate of silver increasing by Rs40 per tola and Rs33.36 per 10 grams to reach Rs2,570 and Rs2,203.36, respectively, according to the data shared by the APSGJA.
(Islamabad51-Newsdesk)
