ISLAMABAD: Gold price in Pakistan is likely to see further hike in the wake of a complete ban on the import of the yellow metal for the past five months.
According to the Pakistan Bureau of Statistics (PBS), no gold was imported into the country from March to July due to which jewellers are facing a shortage of the metal.
The ban on the import and subsequent shortage raised concerns about a further increase in gold price in Pakistan.
As per the PBS, 262 kg of gold worth around US$17 million was imported in the fiscal year 2023-24; while 566 kg of gold worth over US$30 million was imported in 2022-23.
Since the government has not provided a clear reason for the ban, the jewellers warned that the ban would lead to further price hikes and instability in the market.
While the international price of gold climbed by US$37 to US$2430 per ounce, the price of gold already increased by Rs 1000 per tola, reaching Rs 256,500 per tola in Pakistan.
A projected downturn in the US economy might lead to an increase in gold prices in 2024, according to a prediction made earlier by the World Gold Council.
