Gold’s rampaging run in Pakistan continued on Tuesday as its price saw an increase of Rs. 1,500 per tola, on its way to an all-time high.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went up by Rs. 1,500 per tola to Rs. 221,000 while the price of 10 grams went up by Rs. 1,286 to Rs. 189,472.
The price of gold (24 carats) had jumped by Rs. 800 per tola to Rs. 219,500 on Saturday. The price of gold increased by over Rs. 10,000 per tola during the month of April.
The increase in the price of gold came on the back of recent news that the government expects headline inflation (CPI) to remain at an elevated level in the months to come. According to data released by the Pakistan Bureau of Statistics (PBS), the CPI-based inflation increased to 36.4 percent on a year-on-year basis in April 2023. At 36.4 percent, annual inflation in Pakistan is now higher than the key inflation rate of Sri Lanka which eased to 35.3 percent in April.
In the international market, the price of gold ticked up on Tuesday with spot gold up 0.2 percent to $1,986.53 per ounce by 1241 GMT while US gold futures inched rose 0.1 percent to $1,994.70.
Source: Pro Pakistani