Gold prices in Pakistan continue to increase

Islamabad [Pakistan], October 20 : The gold prices in Pakistan continue to increase. The per tola price of gold has witnessed an increase of Pakistani rupee (PKR) 2,200 in the domestic market, ARY News reported.

ARY News is a Pakistani news channel.

Chairman of the All Pakistan Jewellers Manufacturers Association Muhammad Arshad said the price of gold increased by PKR 2,200 per tola in Pakistan to trade at PKR 208,500.

Likewise, the rate of ten grams of gold also saw an increase of PKR 1,886 to trade at PKR 178,755.

Gold prices have experienced an upswing on the international stage, with the current rate standing at USD 1,999 per ounce.

Spot gold was up 0.2 per cent at USD 1,978.17 per ounce by 0332 GMT, after hitting its highest since July 20.

Spot silver eased 0.1 per cent to USD 23.01 per ounce, but was heading for second weekly rise. Platinum rose 0.1 per cent to USD 891.88 and palladium climbed 0.3 per cent to USD 1,116.82, as per ARY News.

Meanwhile, as Pakistan grapples with a severe economic crisis and soaring inflation, the financial safety net of the people of Pakistan appears eroding, Dawn reported.

A widow living in Taxila's Bilal Colony Zubaida Bibi had to pawn her three-decade-old engagement ring to pay her August electricity bill, hoping to retrieve it once her pension funds became available.

A resident of Karachi and the sole provider for his family of six Ahmed Zaman revealed that his PKR 150,000 monthly salary, which once covered household expenses, is now insufficient. He shared the struggle of managing his PKR 35,000 rent and a monthly electricity bill exceeding PKR 40,000, with these two expenses devouring half his income.

Even families with multiple earners face financial hardship. Hussain Shabbir, residing in Pakistan's largest city, Karachi, explained how three of his family's seven members contribute to the household income. Despite their combined earnings of around PKR 130,000, they've resorted to borrowing money from friends as they grapple with a mounting "debt cycle," according to Dawn.

Ehsan Ali, who owns a poultry shop in Taxila, witnessed his sales plummet to nearly 60 per cent of their previous levels. Customers, burdened by rising poultry prices due to inflation, now opt for cheaper cuts like pota, kaleji, and chicken legs.

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