New Delhi. The economic condition of Pakistan is very bad. Foreign exchange reserves are about to end and the country is struggling with inflation. The prices of food items are skyrocketing. The situation has become so serious that long queues are being formed for wheat flour and it has even come to the point of quarrels. Now the people of Pakistan have also started feeling that Pakistan may go bankrupt, which is why they are buying gold fiercely and the price of this precious metal (Gold Price In Pakistan) has reached a record level. The interesting thing is that despite the huge demand for gold, the business of jewelers is lying cold. The reason is that people are not making gold ornaments, rather they are buying gold biscuits.
According to a report on Shakti knowledge, due to the increase in the demand for gold, there has been a huge increase in the price of gold in recent months. Due to this, the price of gold has reached the highest level of one lakh 65 thousand rupees per tola. People associated with the gold business are expecting further increases in the price of gold. According to him, the value of gold can reach up to two lakh rupees per tola. According to the World Gold Council, Pakistan saw a more than 30% increase in gold demand in the three months from July to September last year. There is no reduction in demand yet.
Share and property market battered
Pakistan’s stock market is suffering from recession for the last several months and the rate of inflation in the country has reached 25 percent. Decreasing foreign exchange reserves. There has been a decline in property purchases in the country. The Pakistani rupee is getting weaker every day against the dollar. In such a situation, people are investing money in gold thinking it is a safe investment. 5 months ago, gold sold at Rs 1 lakh 35 thousand per tola reached Rs 1 lakh 65 thousand.
63 percent more gold imported
According to the figures for the first four months of the current financial year ie July to October, 157 kg of gold was imported into the country, which is 63 percent more than the first four months of the previous financial year. In addition to imported gold in Pakistan, local ornaments are melted and shaped into biscuits. This gold is more available in the Pakistani market.
Why are the prices increasing?
Regarding the increase in demand for gold in Pakistan, financial expert Adnan Qadri says that the business of jewelers is cold. People are not making gold ornaments. But overall the demand for gold has increased. Because now people are buying gold biscuits. Qadri told that ever since the talk of bankruptcy the country has intensified, and since then people have started buying more gold. At the same time, Yusuf Saeed, an expert on Pakistan’s economic affairs, says that there is no restriction on the purchase of gold in Pakistan. Anyone can go to the market and buy as much gold as they want. That’s why the purchase of gold has increased.
Will gold come in handy in no time?
Adnan Qadri says that only the future will tell whether gold in Pakistan will benefit people further or not. The question is that if gold is bought and kept and tomorrow the economic situation in Pakistan becomes very bad and people do not have money, then who will buy this gold?