Gold prices increased per tola by Rs.9000 in Pakistan causing a major hike in comparison with US Dollar. According to All Pakistan Sarafa Gems and Jewelers Association the price of gold 24 carats is increased by Rs.9400 and Rs 8058 increase in 10 grams gold.
This massive increase in gold prices is caused by rupee plunged by Rs 19 or 6.66% against US dollar in interbank market. The price of gold per tola is Rs. 3000 per tola as compare to Dubai Market. Earlier Pakistani gold market was cheaper from all global rates but now constant increase in gold prices is making it difficult for citizens to buy gold.
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Pakistan import all out of gold from international markets, and traders in Pakistan follow the international price setting rates in country. Jewellers import the metal in US dollar and UAE Dirham and then convert it into price in constant with Rupees.
Silver price in Pakistani market
The silver price in Pakistani market also jumped by Rs. 120 per tola and Rs 1886.14 increase 10 grams. Gold prices marked highest increase in history due to interest rates hike from US federals Reserve.
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Gold is considered as one of the main material to buy in Pakistani wedding and now it is considered as a hedge against inflation. Central bank rate community is trying to bring down price pressures to make it affordable for public.