KARACHI: The price of 24-karat gold in Pakistan remained unchanged on Monday, with per tola trading steadily at Rs 256,500, according to the All Sindh Sarafa Jewellers Association. The price stability was observed despite slight fluctuations in the international market.
Similarly, the price of 10 grams of 24-karat gold held firm at Rs 219,907, while 10 grams of 22-karat gold remained unchanged at Rs 201,582. This consistency in local gold prices comes as a relief to many buyers and sellers in the market.
Silver prices also saw no movement, with per tola and ten grams of silver maintaining their rates at Rs 2,850 and Rs 2,443.41, respectively.
On the global front, the gold market experienced a modest increase. The price of gold rose by $9, reaching $2,439 from the previous day’s rate of $2,430. This slight uptick has not yet influenced the local market, which remains steady for now.
However, market experts warn of potential price hikes in the near future. Last week, analysts predicted that the ongoing ban on gold imports in Pakistan could lead to an increase in local gold prices. The ban, which has been in effect for the past five months, has resulted in a significant shortage of the yellow metal, causing concern among jewelers and investors alike.
The Pakistan Bureau of Statistics (PBS) reports that no gold was imported into the country from March to July this year. This shortage is putting pressure on the local market, with many fearing that prices could rise further if the ban continues.
In the fiscal year 2023-24, Pakistan imported 262 kg of gold worth approximately US$17 million, a notable decrease compared to the 566 kg worth over US$30 million imported in 2022-23. This sharp decline in imports highlights the impact of the ban and the growing concerns over future price stability.
As the market remains in flux, stakeholders in Pakistan’s gold industry are closely monitoring both local and international developments, aware that any significant changes could have far-reaching implications for the market.
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