Karachi: Last year, the price of gold in the country increased by Rs 35,900, while at the international level, the price of gold per ounce increased by $264.
At the international level, there was an increase of 14.52% in the price of gold per ounce, while in Pakistan, the overall increase in the price of 24-carat gold per tola was recorded at 19.50%. Due to the increase in the price of gold by $264 on the global level in 2023, the year ended at $2082 per ounce.
During 2023, the local gold market saw an overall increase in the price of gold per tola by Rs 35,900 to Rs 220,000, and an increase in the price of 10 grams of gold by Rs 30,779 to Rs 188,615.
The fundamental reasons for the increases in local gold prices included the country’s ongoing foreign exchange crisis, rising inflation, and the challenging economic situation. With the decrease in the value of the dollar against the rupee, people opted to invest in gold to preserve their savings, leading to a significant increase in gold prices.
During the year 2023, the lowest global price for gold was $1822 per ounce on October 10, while the highest local price per tola was Rs 188,400. On December 28, the highest global price for gold was recorded at $2105 per ounce, and the highest local price per tola reached Rs 222,800.