Price of Gold in Pakistan Has Doubled in Less Than 2 Years

The price of gold in Pakistan has more than doubled in less than two years according to gold price data sourced by ProPakistani. According to the data, the price of gold (24 carats) jumped from around the Rs. 105,000 per tola mark in May 2021 to an all-time high of Rs. 217,000 per tola on April 5, 2023, before settling at a slightly lower mark of Rs. 214,600 per tola on Saturday. A deeper look at international and local trends shows that during the last five years, there has been a much higher increase in the price of gold domestically than in the international market. Looking at the data of the last five years shows that in the international market, the price of gold jumped from around $1,268 per ounce at the start of 2018 to $1,900 per ounce at the start of 2023. This translates to a price increase of around 50 percent in five years. The jump in Pakistan has been much higher though, the per tola price of gold in Pakistan was just above Rs. 56,000 at the start of 2018, which crossed the Rs. 200,000 per tola barrier at the start of 2023. This translates into a staggering 270 percent increase in the price of gold over five years. The much higher increase in gold prices in Pakistan is primarily due to the sharp devaluation of the rupee in the last 12 months. The Pakistani rupee, which stood at below Rs. 180 against the US dollar at the start of 2022, has now slid to Rs. 284.65.