A tola of gold now costs Rs102,000. It was last selling at this level on June 22, 2020.
The price of gold has been falling across the world. The precious metal has been losing its value since the emergence of several vaccines against the novel coronavirus. The vaccination process has begun in many countries, including the US.
The price of bitcoin has increased in the recent past, bringing it in competition with gold and other precious metals. The gold price stood at $1,746 an ounce in the international market by the time this story was filed.
As the economy starts improving, investors move to capital market from gold and other metals. The situation in the US, the biggest economy of the world, plays an important role in influencing gold prices globally.
The gold price started increasing internationally as countries across the world went into lockdowns in March 2020. It rose from $1,471 to reach an all-time high of $2,063 an ounce by August 6. The per tola price in Pakistan peaked to Rs132,000 at the time.
Important note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed.