Gold prices hits new peak in domestic market

Pakistan records 37.40pc growth in gold imports,

US Dollar continues its bullish streak against Pakistani rupee,

karachi_The price of 24-Karat gold per tola gained record Rs2800 and reached Rs225,300 in the domestic market.

The price of the 10 gram of the 24-Karat also gained record Rs2143 in a single day on Monday and reached 193,158.In the international market, the price of the gold per ounce reached $1965 after an increase of three dollars.

Earlier,

Gold imports during the fiscal year 2022-23 saw a significant increase of 35.48 percent compared to the previous year, Pakistan Bureau of Statistics (PBS) reported.

The total gold imports for July-June 2022-23 were reported at $30.651 million, while it was $22.623 million in July-June 2021-22.

In terms of quantity, Pakistan imported 496 kilograms of gold during the mentioned period, marking a growth of 37.40 percent compared to the 361 kilograms imported last year.

However, on a year-on-year basis, gold imports experienced a decline of 48.22 percent, with $3.273 million recorded in June 2023 against $3.641 million in June 2022. In terms of quantity, the imports decreased by 11.86 percent, from 59 kilograms in June 2022 to 52 kilograms in June 2023.

Additionally, on a month-on-month basis, gold imports in June 2023 decreased by 4.33 percent compared to May 2023 when imports were valued at $3.421 million.

It is noteworthy that the overall trade deficit for the fiscal year 2022-23 witnessed a significant decline of 43.03 percent compared to the previous year (2021-22). The trade deficit for July-June 2022-23 was recorded at $27.547 billion, showing a substantial decrease from the deficit of $48.354 billion in July-June 2021-22.

The exports during the mentioned period amounted to $27.744 billion, reflecting a decline of 12.71 percent compared to $31.782 billion in the previous year. On the other hand, imports saw a sharp decline of 31 percent, reducing from $80.136 billion in the previous year to $55.291 billion during the fiscal year 2022-23.

While,

In the currency market, the trend of the US dollar’s relentless surge against the Pakistani rupee remains unyielding, with the greenback gaining further ground on the first day of the business week.

Currency dealers reported a substantial rise of Rs1.44 in the value of the US dollar, bringing the interbank exchange rate to 288 rupees and 25 paisas per dollar.

Simultaneously, in the open market, the US dollar witnessed an even steeper climb, becoming more expensive by 2 rupees and reaching a staggering 293 rupees.

Although there was a slight dip in the dollar’s value at the outset of the business day, it quickly regained momentum.

Over the last week, the currency market witnessed an unbroken series of increases in the dollar’s value against the rupee, prompting concerns among investors and raising questions about the economic stability of the country.