Gold price extends gains in Pakistan, rises by Rs500 per tola

Gold edges higher despite rupee appreciation

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Karachi: Despite the appreciation of the rupee against the US dollar, the price of gold in Pakistan rose by 100 rupees per Torah and 86 rupees per 10 grams on Wednesday.

The price of gold bars is 126,250 rupees per Torah and 108,239 rupees per 10 grams.

Almost all of Pakistan’s gold demand is met by imports, and traders follow its international prices when setting the country’s exchange rate. Jewelers import metals in U.S. dollars and UAE dirhams, and then convert their prices into rupees.

Therefore, it is worth mentioning that gold dealers rejected the government’s decision to increase the goods and services tax in the gold industry and urged the government to withdraw the decision for the greater benefit of the severely affected workers and industries.

In the supplementary fiscal bill presented to Parliament last week, the government proposed to increase the general sales tax on silver and gold from 1% to 17%.

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