On Tuesday, the price of gold in Pakistan reached a new all-time high, increasing by Rs. 5,000 per tola, according to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of gold (24 carats) rose to Rs. 214,500 per tola, while the price of 10 grams increased by Rs. 4,288 to Rs. 183,900.
Gold has seen a cumulative gain of over Rs. 6,000 per tola in the last two sessions alone (Monday-Tuesday), with the price of gold rising by Rs. 1,200 per tola on Tuesday.
However, in the international market, spot gold fell by 0.2 percent to $1,979.69 per ounce by 1131 GMT, while US gold futures also dropped to $1,996.40.
Meanwhile, the Pakistani rupee hit a new all-time low of Rs. 287.29 against the US dollar in the interbank market on the same day. The rupee slipped as uncertainty persists around the revival of the International Monetary Fund (IMF) program, with no clear indication from the government on when a staff-level agreement will be signed.
This surge in the price of gold in Pakistan and the drop in the value of the Pakistani rupee are indications of the ongoing economic challenges faced by the country. The government needs to take measures to address these challenges and stabilize the economy, such as implementing effective monetary and fiscal policies.
While the price of gold may have surged to a new all-time high in Pakistan, it is important to consider the bigger picture and the underlying economic factors that have led to this development. The government must take necessary actions to address these challenges and improve the country’s economic outlook.
Topics #featured #trending pakistan
