Last
updated: May 18, 2012
Gold Price in Pakistan
Gold is a precious transition metal that follows a direct relationship behavior between the price and its demand. Across the world, when the gold prices increase its demand shoots up even.
Pakistan has always been a record making country in gold prices. This time even Pakistan has witnessed a record breaking increase in the prices of gold as 10 gm of the metal now costs Rs. 32,572 and is expected to increase more as the festive season is arriving.
Because of the huge requirement of gold across the globe, one tola of this transition metal costs Pak Rs. 38,000 in Pakistan. Technically one tola equals 11.66 grams. The price of gold is higher than that in Dubai by Pak Rs. 200/tola. Statistics shows that on Tuesday the metal costs Pak Rs. 32,271/10 gm and 37,650/tola.
It is expected that the gold prices will rise further by the investors and the central banks of various countries. The international gold rate was $ 1,195 per ounce on Thursday which has been thought to go higher in the upcoming festive season.
Pakistan being a Muslim dominated country offers festivals like Eid-ul-zuha. This is the most piour festival for them which shows greater dimension of gold purchasing. Their season start from this festival and people start their purchasing of gold on the spot rather than booking them. Gold being an inseparable part of their culture gives a boost to the prices of it.
With the increase in price of gold, its demand is also increasing. According to the Federal Bureau of Statistics (FBS) Pakistan imported around 673 Kg of gold in July-October 2009, which is just double to 363 Kg in 2008. In the similar fashion, Pakistan exported $257 million of designed jewellery in July- October 2009, which are many folds as compared to the data of 2008 which was $ 80 million.
Bullion rates in Rupees per
10 grams
Forex Update:
KARACHI, Feb 27: The Pakistani Rupee was traded at 91.1 to the US Dollar in the open market. (Bureau Report)(Updated @ 16:55 PST)
