Gold is known for its value not only in making jewelry but also is its monetary value. In Pakistan the rate if gold is priceless for their personal use. There is not a ceremony that is done without the use of gold.
The jewelry that the women wear in Pakistan serves more the purpose of beauty it is also an investment. Pakistan’s has had a tremendous increase in the rate of their gold over the years. Producing some of the most popular gold jewelry has helped its gold industry.
The gold trade in Pakistan depends solely on the imported gold that comes from Dubai. Pakistan is also the home of one of the most prosperous mines in Pakistan. The Saindak mine holds such a large scale of gold and other metals that Pakistan cannot afford to recover it. The cost of recovering gold from his mine is almost double the international cost per ounce. These factors have all lead to the increase in the demand for gold in Pakistan.
In spite of economic sanctions for gold that Pakistan experienced, their demand, for gold was not affected primarily due to traditional belief that this is feasible to investment in gold. Therefore, they still pay top rates for the import of gold from other countries. Many countries increase their rate because of Pakistan’s demand. Pakistan continues to pay these inflated prices because they feel that the long-term investment is worth the current cost.
Pakistan sells a large amount of their jewelry created from the gold back to several other countries and makes back a large amount of what is spent on trade. As long as Pakistan continues to use gold as a primary staple and cannot afford to access the gold themselves they will continue to have gold imported. These factors will cause the rate of gold in Pakistan to continue to increase. Waqt News LIVE
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