Gold Prices are at All Time Peak at Rs 102,000
The causes cited for this rise in the gold prices are said to be the rise in domestic prices, and the latest depreciation of Pakistani Rupee against the US Dollar.
The gold per tola prices are at an all time peak at Rs 102,000, whereas the 10 gram prices are at Rs 87,448. The causes cited for this rise in the gold prices are said to be the rise in domestic prices, and the latest depreciation of Pakistani Rupee against the US Dollar.
Gold prices are also jumping globally as people invested in this safe-haven to protect their wealth as the COVID-19 pandemic led to uncertainty. Hence, if the second wave of COVID-19 leads to a higher death ratio than before, then gold prices will further jump. However, if the virus seems to be in control, then it is possible that the prices will go down.
All Pakistan Jewellers Manufacturers (APJM) Chairman Mohammad Arshad said that the gold trade had been highly depressed since lockdown started in March , however it eased a few days ahead of Eid.
Many markets on Tariq Road and Saddar in Karachi had been shut down under the “smart lockdown” for the previous 5 days, however others, such as Sarafa Market, are open. It didn’t help the gold sales when wedding halls and banquets had been closed due to the lockdown, as people didn’t need to buy jewellery. Arshad further added that the Pakistani exports were impacted as the international flights had been shut down during the lockdown.
All Sindh Saraf Jewellers Association (ASSJA) President Haji Haroon Rashid Chand claimed that the prices of one tola gold has been the lowest in Pakistan compared to the Middle East and South Asian regions such as Dubai, India, Afghanistan, Bangladesh and Saudi Arabia. “Dubai is selling gold at a price Rs8,000 per tola higher than Pakistan,” he said.
If our currency stays stable, especially with the money that is being lent by the international financial institutions, then gold prices will see fluctuations to perhaps a lesser degree. For now though, it is to be seen what impact will the all time peak prices of gold have on Pakistani investors.
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