close
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
May 16, 2019

Gold selling for over Rs 70,000 from Rs 85 in 1952

Top Story

May 16, 2019

ISLAMABAD: The gold price has witnessed a turbulent mix of jumping from Rs 85 per tola (11.664gm) to over Rs 70,000 in the last 66 years.

The gold market remained turbulent after Independence and in 1952 the price of a tola of gold was Rs 87. The price remained below Rs 100 for another two years till 1954 when after selling at Rs 91 in 1953 and for Rs 97 in 1954 it crossedRs 100 mark to sell at Rs 103 in

1955. In 1956 it was selling at Rs 107 per tola, in 1957 at Rs 111, in 1958 at Rs 114, in 1959 at Rs 133, in 1960 at Rs 131, in 1961 at Rs 135, in 1962 at Rs 135, in 1963 at Rs 124, in 1964 at Rs 132. It dropped a little to Rs 123 in 1965 but again in 1966 the price of a tola gold went up to Rs 134. In 1967 at Rs 138, in 1968 at Rs 138, in 1969 at Rs 176. It again dropped to Rs 154 during 1970.

It picked up again in 1971 going up to Rs 177. But climbed to Rs 246 per tola in 1972 and is soaring ever since. In 1973 it increased up Rs 432 per tola, 1974 saw a tola of gold being sold at Rs 562, in 1975 at Rs 714, in 1976 at Rs 535, in 1977 at Rs 597, in 1978 at Rs 714.

It crossed the Rs 1000 mark and began selling at a whooping Rs 1,230 in 1979, went up to Rs 2,250 in 1980 and dropped to Rs 1,920 in 1981 and continued to sell at Rs 1,636 in 1982. In 1983 it was sold at 2,244. in 1984 at Rs 2,156, in 1985 at Rs 2,123, in 1986 at Rs 2,478.

It went over Rs 3,000 in 1987 when it was sold for Rs 3,300. in 1988 at Rs 3,478, in 1989 at Rs 3,275, in 1990 at Rs 3,320, in 1991 at Rs 3,705, in 1992 at Rs 3,345. It jumped to Rs 4,127 in 1993, in 1994, at Rs 4,700, in 1995 at Rs 4,722. This went for a blood bath in 1996 with an increase to Rs 5,500. It went a little down to Rs 5,100 in 1997 but quickly recovered and went upto Rs 6,150 in 1998.

In 1999 at Rs 6,100, in 2000 at Rs 6,150, In 2001 at Rs 6,550. It soared to Rs 7,200 in 2002 and then to Rs 8,300 in 2003 and to Rs 9,500 next year in 2004. In 2005 it began selling at Rs 10, 600, in 2006 at Rs 13, 500, in 2007 at Rs 15, 200. But it suddenly jumped to Rs 23,500 in 2008 and once again soared to Rs 29, 500 in 2009.

It was selling at Rs 38,500 in 2010 but turbulence hit the markets in 2011 when the price ranged in a single year from Rs 45,800 to Rs 54,700. In 2012 it ranged from Rs 53,700 to Rs 63,300 and in 2013 it both went up and down from opening at Rs 62,250 and going down to Rs 49, 500. The rates were clumsy again in 2014 when they started selling at Rs 50, 200 and went down to Rs 47,000.

Next year 2015 it started from Rs 49,000 and dropped to Rs 44,450. In 2016 the price ranged from Rs 44,200 to Rs 49, 800. The price of a tola of gold increased once again in 2017 from Rs 49, 600 to Rs 56,200. It was turbulent again in 2018 when it was selling at from Rs 56,200 to Rs 68,000 the same year. And now on May 15, 2019 (Wednesday) it was sold at Rs 70, 700.

Topstory minus plus

Opinion minus plus

Newspost minus plus

Editorial minus plus

National minus plus

World minus plus

Sports minus plus

Business minus plus

Karachi minus plus

Lahore minus plus

Islamabad minus plus

Peshawar minus plus