Gold prices affected recording a high value by Rs. 117,300 for one dollar in the local market following the high price trend of precious metals in the global market. Gold prices have reached the highest level in the country, according to the Karachi-based gold retailers’ website. It has grown by Rs. 2,300 per tola in one day.
Gold is often sold at reduced prices in the local market to attract buyers but in this case, sellers are reluctant to offer any price reduction to consumers. The practice of buying gold jewelery and gold biscuits is not going up as it was last year but the practice of buying goods is taking over the local market due to the wedding season despite the emergence of Covid-19 and related restrictions.
In May and June, gold has not been imported because of Covid-19, according to data from the Pakistan Bureau of Statistics. Total gold imports to Pakistan dropped to 275 kg in the 2019-20 financial year compared to 335 kg in the previous financial year through legal channels.
Gold in Pakistan is sold through illegal channels usually from Dubai. In addition, investors and individuals are selling their gold reserves to traders who say the activity plays a role in meeting the needs of the local market. Globally, world prices are rising sharply to more than $ 1,882 per allocations as investors make their money with yellow metal as a refuge.