Gold has continued to dominate the market over the last three weeks as prices keep breaking records. The price of gold continued its upward trend on Tuesday, rising by Rs4,500 to a new record high of Rs182,700 per tola (11.66 grammes).
Similar to this, the cost of 10-grams of gold increased by Rs3,858 to Rs156,636. Prices for gold increased by $12 to $1,810 per ounce on the world market.
The cost has increased by 13.3% (or Rs21,500) per tola since December 1, 2022. The rapid expansion prompts concerns about whether the rising price is sustainable or represents an unsustainable bubble.The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of gold has been “overcost” by Rs5,000 per tola in Pakistan, as compared to prices in Dubai. This means that, at present, the Pakistani gold market is more expensive than the world market.
