Gold Rate Reaches Rs 230,000 in Pakistan

Gold rate in Pakistan has reached an all-time high of Rs. 230,000 per tola on 9 May 2023 for 24-karat of the previous metal due to the political uncertainty that ensued after arrest of former prime minister and Pakistan Tehreek-e-Insaf (PTI) chairman, Imran Khan.

According to the details, the Gold rate in Pakistan reached Rs. 230,000 per tola (24-karat), which is an increase of Rs. 7,000 since yesterday (8 May 2023), while 10 grams of the gold was being sold for Rs. 210,833.

It is pertinent to mention that gold price in Pakistan has been increasing persistently and hitting new a new high every other day due to the country’s worsening economic conditions. However, today’s rise in local gold rates is triggered by the political uncertainty caused by PTI chief, Imran Khan’s arrest in the Al-Qadir Trust case.

Pakistan’s economy is deteriorating with increasing weekly inflation that has reached an all of high of 48.35% year-on-year (YoY), which has raised prices of basic commodities for the poor segment, making life extremely difficult.

The matter is made worse from the fact that Pakistan may not get the crucial tranche from the International Monetary Fund (IMF) anytime soon with World Bank also holding funds as it waits for the next IMF review.

Read more: PTI Chairman Imran Khan Arrested From Islamabad High Court.

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