Gold imports decrease by 1.1pc to $8.8 million in four months

ISLAMABAD-The imports of gold decreased by 1.11 percent during the first four months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The gold imports during the July-October (2023-24) were recorded at $8.883 million as compared to the imports of $8.983 million during July-October (2022-23), according to PBS data.
In terms of quantity, Pakistan imported 189 kilograms of gold during the period under review as compared to the imports of 156 kilograms last year, showing growth of 21.12 percent. On year-on-year basis, the gold imports decreased by 35.62 percent in October as compared to the same month of last year. The gold imports during October 2023 were recorded at $1.584 compared to imports of $2.461 million.
Meanwhile, on month-on-month basis, the gold imports during October 2023 decreased by 31.96 percent when compared to the imports of $2.328 million in September 2023. In terms of quantity, the gold imports declined by 32.69 percent when compared to the imports of 52 kilograms during September 2023.
It is pertinent to mention here that the country’s merchandize trade deficit contracted by 34.70 per cent during the first four months of the current fiscal year compared to the corresponding period of last year. The Trade deficit from July-October (2023-24) was recorded at $7.416 billion as against the deficit of $11.356 billion in July–October (2022-23), showing negative growth of 34.70 per cent.
During the period under review, the exports increased by 0.66 per cent to $9.617 billion compared to the exports of $9.554 billion during the corresponding period of last year, according to the latest PBS data. On the other hand, the imports narrowed by 18.54 per cent and were recorded at $17.033 billion compared to $20.910 billion last year.
GOLD RATE SOARS BY
RS3,100 PER TOLA
The per tola price of 24 karat gold increased by Rs3,100 and was sold at Rs223,600 on Saturday compared to its sale at Rs220,500 on last trading day. The price of 10 grams of 24 karat gold also increased by Rs2,658 to Rs191,701 from Rs189,043 whereas the prices of 10 gram 22 karat gold went up to Rs175,726 from Rs173,290, the All Sindh Sarafa Jewellers Association reported.
The price of per tola and ten gram silver remained stagnant at Rs.2,550 and 2,186.21 respectively. The price of gold in the international market increased by $31 to $2,091 from $.2,060.., the Association reported.

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