Gold Price Forecast in Pakistan Per Tola
Gold is a valuable commodity and its price is always on the rise. In Pakistan, the price of gold per tola has reached an all-time high of Rs. 85,000. The reason behind this surge in prices is the unstable political situation in the country and the depreciation of Pakistani currency against US Dollar.
The current rate of gold in Pakistan is Rs. 42,500 per 10 grams but experts believe that it will soon cross the Rs. 50,000 mark. The rising inflation rate and falling value of Pakistani Rupee are also contributing factors in this regard. It is advisable for people to invest their money in gold as it is considered to be a safe haven during times of economic uncertainty.
Gold Price in Pakistan History
Gold is one of the oldest and most valuable commodities in the world. The history of gold prices in Pakistan can be traced back to the time when the country was first founded. Gold was used as a form of currency in Pakistan even before the official currency, Pakistani rupee, was introduced.
Since then, gold prices have fluctuated depending on various factors such as economic conditions, global events, and local demand. Pakistan is home to some of the largest gold mines in the world and has a long history of mining this precious metal. In recent years, however, production has declined due to dwindling reserves and increased costs.
As a result, Pakistan’s gold imports have been on the rise. According to data from the World Gold Council, Pakistan imported nearly $2 billion worth of gold in 2016 – an increase of almost 60% from 2015. Gold prices in Pakistan reached an all-time high in August 2020 as tensions between India and Pakistan rose due to political unrest in Kashmir.
Prices remained high throughout September as uncertainty about potential military action continued to weigh on sentiment. However, prices began to fall after both countries agreed to de-escalate the situation and calm fears of an all-out conflict..
Pakistan Gold Mines
Pakistan is blessed with a variety of minerals including gold. The Saindak Copper and Gold Project is located in Chagai District of Balochistan. Pakistan started mining operations at Saindak in 1995.
The mine has been producing around 1,500 tonnes of copper and 250 ounces of gold annually. According to the Geological Survey of Pakistan, there are more than 5 million tonnes of gold reserves in the country. The Reko Diq project is another major gold mine located in Chagai district.
Tethyan Copper Company (TCC) is developing this project in partnership with the Government of Balochistan. The estimated reserves at Reko Diq are around 2 billion tonnes of copper and 20 million ounces of gold. The project has been marred by controversy and legal disputes but hopefully, it will start operation soon and boost Pakistan’s economy.
There are many other small-scale gold mines operating across Pakistan, especially in the northern areas such as Hunza, Nagar & Skardu.
Gold Price Prediction Chart Pakistan
Gold prices in Pakistan are expected to remain firm in the coming months as global economic uncertainty continues to support demand for the safe-haven asset. On the Pakistan Mercantile Exchange (PMEX), gold futures for August delivery were trading at Rs. 85,850 per 10 grams at last check, after hitting a high of Rs. 86,050 earlier in the session. Prices had closed at Rs. 85,700 on Friday.
In global markets, spot gold was trading at $1,741.56 per ounce, after earlier touching a high of $1,742.76.
Conclusion As we can see from the blog post, gold markets in Pakistan have a long and rich history. Gold is an important part of Pakistani culture and has been used as a form of currency for centuries. Today, gold is still an important part of the Pakistani economy and its citizens continue to invest in it.