Gold price in Pakistan increases for second consecutive day

- Business - June 17, 2023
gold in Pakistan

Gold price in Pakistan increases for second consecutive day

The price of gold in Pakistan has increased for the second consecutive day, prompting concerns among investors. The increase comes despite the fact that the global price of gold has been relatively stable in recent weeks.

As of today, the price of gold per tola (11.66 grams) in Pakistan is Rs. 114,800, up from Rs. 113,300 yesterday. This represents an increase of Rs. 1,500 per tola in just one day. The price of 10 grams of gold has also increased by Rs. 1,286, from Rs. 97,186 yesterday to Rs. 98,472 today.

The increase in gold prices in Pakistan is being attributed to several factors. One of the main factors is the devaluation of the Pakistani rupee against the US dollar. The rupee has been losing value against the dollar for the past few weeks, which has made imports, including gold, more expensive.

Another factor raise in gold prices

Another factor contributing to the increase in gold prices is the ongoing uncertainty in the global economy. The coronavirus pandemic has caused a lot of economic turmoil around the world, and many investors are turning to gold as a safe-haven asset. This increase in demand for gold has driven up the price.

Experts believe that the increase in gold prices may continue in the coming days. However, they also caution that the price of gold is notoriously difficult to predict, and that there are many factors that can affect it, including geopolitical tensions, economic data, and central bank policies.

Despite the increase in gold prices, some analysts believe that investing in gold may still be a good option for investors. Gold has traditionally been seen as a safe-haven asset that can protect investors from inflation and economic uncertainty. As such, it may still be a good investment option for those looking to diversify their portfolios.

However, it’s important for investors to do their research and carefully evaluate their options before investing in gold. Investing in any asset, including gold, carries risks, and it’s important to be aware of these risks before making any investment decisions.

In addition to investing in physical gold, investors can also invest in gold through exchange-traded funds (ETFs) or gold mining stocks. These options may offer some advantages over physical gold, such as greater liquidity and lower transaction costs.

Overall, the increase in gold prices in Pakistan is a cause for concern for investors, but it may also present an opportunity for those looking to invest in the precious metal. As always, it’s important to carefully evaluate all investment options and consult with a financial advisor before making any investment decisions.