Gold Price in Pakistan at its Highest Since 2012
On May 18, the gold price for one tola to Rs 97,000 in Pakistan, making it the highest price of gold in Pakistan since 2012.
On Monday, the gold prices for one tola and 10 gram to Rs 97,000 and Rs 83,162 in Pakistan, making it the highest gold price in Pakistan since 2012. This happened due to the global prices of gold being impacted by the US-China relations and swelling up by $43 per ounce.
The gold dealers stated that since the markets reopened, many people are selling gold to meet their daily expenses. President All Sindh Sarafa Jewellers Association, Haji Haroon Rasheed Chand said:
“The market has more sellers than buyers. People are coming to gold shops with old rings, chains and lockets, looking to sell these.”
People are selling off their hard assets as they are not able to cope with the job losses and pay cuts due to the COVID-19 pandemic. Hopefully, they will be able to utilise the highest gold prices in Pakistan since 2012 to pay off their daily expenses for the time being.
Haji Haroon Rasheed Chand also added that the gold sales would depend on whether wedding ceremonies restart after Eid ul Fitr coming this weekend.
The Chairman of All Pakistan Jewellers Association, Mohammad Arshad remarked that one of the reasons that people are selling off their gold is clearing their annual zakat. Furthermore, many people have been asking about zakat payments depending on the current rate as well as the weight of the gold they hold.
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