Gold prices reach record highs in Pakistan

• Gold price increased by Rs1,950 per tola to reach new heights of Rs94,100.
• Price of 10 grams of gold increased by Rs1,671, and is being traded at eighty thousand six hundred and seventy-five rupees.

The rate of gold hit record numbers on Wednesday, after the precious metal hit over Rs94,000 per tola in the local markets.

Gold price increased by Rs1,950 per tola to reach new heights of Rs94,100. Whereas, the price of 10 grams of gold increased by Rs1,671, and is being traded at eighty thousand six hundred and seventy-five rupees.

The development comes amid a hike in gold rates in the international markets, where gold rates increased by $42 per ounce and have reached a rate of $1,638 per ounce.

Pakistan imported 4 percent or $351,000 of more gold to $10.068 million during July-January 2019-20 from $ 9.717 million during July-January 2018-19, Pakistan Bureau of Statistics says.

The import volume of the metal is down by 3.23 percent or 8 kilograms to 240 kilograms in July-January 2019-20 from 248 kilograms in July-January 2018-19. Down by 7.13 percent or $ 69,000, the country imported $ 899,000 of gold compared to the yellow metal import of $968,000 in January 2019.