Major increase in Gold prices

Major increase in Gold prices

Gold prices in Pakistan increased to its highest rate of Rs 202,500 per tola. This major increase seems to be the result of rupee downfall as compare to US dollar rate in market.

Pakistan is currently dealing with it worst economic crises, several experts gave deadline for survival of economy of Pakistan. The government is working hard to get more funds from IMF and alongside, increasing inflation and poverty is causing disturbance in society.

Read more | August Inflation Surges to 27.26PC

There is massive increase in prices of daily usage items, like gas, electricity, fuel, flour, and sugar. People are left with only event of weddings in their life as happy moment. But it seems that it would also be difficult to celebrate this event with happy heart as gold prices increase to a drastic level.

Increase in gold price per gram

According to All Sindh Sarafa Jewellers Association (ASSJA), the 10 gram of gold rate jumped from Rs 6000 to 173,610. This is major increasing causing people to ignore gold in their weddings.

The rate of gold in international market decreased to $1,936 after falling at rate of $6. This decrease is result of downfall of Pakistani rupee value in international market. The value of Pakistani rupee declined by Rs 24 and new value against dollar is Rs 255.43 per dollar.

Read more | Weekly inflation decreases slightly 

ASSJA Vice President Junaid Samiwala told media that this rise in gold prices is expecting to continue with increase in dollar price. The economy of Pakistan and gold prices highly depend on rate of dollar. Slight increase in dollar rate result to massive inflation in country.

If at this time, the price of dollar stabilize between Rs 260 and Rs 265, then there is expectation that gold price rate would stop for some period of time but there is no confirmation yet. With this situation of economy there is very little hope of rupee value increasing in international market.

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