Massive gold reserves worth Rs800 billion discovered in Punjab

LAHORE: Punjab Minister said that massive reserves of gold, worth Rs800 billion, has been discovered in province, ARY News reported on Tuesday.

Provincial Minister of Punjab for Mines and Mineral, Sardar Sher Ali Gorchani, in a statement, said that an estimated 2.8 million tola of gold reserves were found during a survey in Attock.

He said that Geological Survey of Pakistan has informed about the discovery of gold reserves in its report while National Engineering Services Pakistan (NESPAK) has also confirmed about the discovery.

The Minister said that gold reserves have been found at the confluence of Kabul River and Indus River, adding that Chief Minister of Punjab, Maryam Nawaz Sharif, will be briefed about this major breakthrough tomorrow.

Sardar Sher Ali Gorchani further stated that a high-level committee has been formed to auction off the project which is subjected to the approval of the provincial cabinet.

Meanwhile, gold prices in Pakistan experienced a decline today, mirroring the drop in international rates.

Read More: Gold rates dip across Pakistan

According to All Sindh Sarafa Jewellers Association, the gold prices saw a decline in the local market, with the price of a single tola dropping by 1,400 rupees.

The new price for one tola of gold is now 277,900 rupees. Similarly, the price of 10 grams of gold decreased by 1,201 rupees, bringing the price of 10 grams to 238,254 rupees.

In the international market, the price of gold fell by 14 dollars, reaching 2,661 dollars per ounce. The price of silver remained stable at 3,350 rupees per tola.

Gold, a highly valued precious metal, has maintained its significance for centuries and plays a vital role in the global economy.

Its value stems from its scarcity, durability, and widespread appeal. Frequently regarded as a safe-haven asset, gold is employed to preserve wealth during times of economic instability.

Central banks and investors maintain gold reserves to diversify their investment portfolios and protect against inflation and currency value fluctuations.

The inherent allure and limited availability of gold render it a sought-after material for jewellery and luxury items. The demand for gold jewellery stimulates economic activity across the mining, manufacturing, and retail sectors.