Gold opens 2023 with record breaking price hike

Canada Global (Web News) First time in the history of Pakistan, following its pattern from 2022, gold continued to rise on the first trading day of 2023, hitting Rs 187,000 per tola.

The price of gold increased by Rs 3,300 per tola and Rs 2,829 per 10 kilos, respectively, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), to settle at Rs 187,200 and Rs 160,494 each.

The safe haven asset increased in value by Rs57,900, or 45.95%, from its December 31, 2021 price of Rs126,000 per tola.

According to the group, the price of gold in Pakistan has been “overcost” by Rs6,500 per tola when compared to pricing in Dubai. This indicates that the price of gold in Pakistan is currently higher than it is on the global market.

The change from “under cost” to “above cost” also calls into doubt the long-term viability of Pakistan’s bullion price.

The discrepancy between the official price of gold and the price it is being sold for is growing. The official price in the Sarafa market, as announced by the association, is Rs187,200 per tola. But the price at which it is being offered is higher.

Due to the rupee’s depreciation against the US dollar during the present cycle, financial experts and goldsmiths predict that the price of gold may increase to Rs200,000 per tola.

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