Gold Prices Reach Record Highs in Pakistan

On Wednesday, after the price hit over Rs94,000 per tola on local markets, the Golden Rate reached record numbers.

The price of gold increased to a new Rs94,100 by Rs 1,950 per tola. At the time the price of Rs 1,671 for 10 grams of gold was increased and sold at 86,500 rupees.

The development comes amid a hike in gold rates in the international markets, where gold rates increased by $42 per ounce and have reached a rate of $1,638 per ounce.

Pakistan imported 4 percent or $351,000 of more gold to $10.068 million during July-January 2019-20 from $ 9.717 million during July-January 2018-19, Pakistan Bureau of Statistics says.

The import volume of the metal is down by 3.23 percent or 8 kilograms to 240 kilograms in July-January 2019-20 from 248 kilograms in July-January 2018-19. Down by 7.13 percent or $ 69,000, the country imported $ 899,000 of gold compared to the yellow metal import of $968,000 in January 2019.

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