Pakistan hits the jackpot with massive discovery of gold reserves in Attock. Massive Rs800bn Gold Deposit Discovered in Attock
Former Punjab minister for mines and minerals Ibrahim Hassan Murad has unveiled the massive discovery of 2.8 million tolas of gold in Attock,
covering a 32-kilometer stretch, through his post shared on X.
He further stated that the Geological Survey of Pakistan has validated the revelation.
He revealed that the market value of gold deposits has been estimated at 800 billion.
Sardar Sher Ali Gorchani, the current minister of mining, also confirmed the discovery. He described that gold deposits have been discovered through extensive research conducted since last year.
He added that the government has organized an international auction this month for these massive gold deposits.
How much gold is found in Pakistan?
Pakistan’s gold reserves are estimated to be 64.82 tonnes from 2000 until 2024. In the final quarter of 2007, the value reached the highest mark of 65.43 tonnes and recorded the lowest mark of 64.39 tonnes in 2010. In 2024 the value peaked at 64.72 tonnes.
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How much gold is consumed in Pakistan each year?
Gold consumption in Pakistan keeps varying based on its price.
Iqbal Tabish, CEO, of Pakistan Gems and Jewelry Development Company forwarded a document stating that the annual consumption of gold is 170 tonnes.
Gold mines in Pakistan
Pakistan is gifted with vast gold resources and has two major gold mines.
Reko Diq mine:
Reko Diq mine has an estimated 5.9 billion tons of gold reserves.
Saindak copper-gold project:
Saindak has an estimated 206 tonnes of gold reserves.
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Why is gold high in Pakistan?
The international rate and the value of the US dollar are the two attributes that decide the price of gold in Pakistan. Its prices alliances with the
International global market. Gold and the US dollar have a contrasting correlation if the dollar declines, the gold rate will climb. Other aspects like gold smuggling, global conflicts, and the black market influence gold prices.
How much gold is in the state bank?
State Bank of Pakistan has total reserves of approximately 17,249,17 million USD.
As of September 2024, the State Bank of Pakistan had 5472,31 million USD in gold reserves.
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