Gold Prices Hit Record High of Rs285,400 per Tola in Pakistan
Surge of Rs2,000 Follows Rising International Gold Rates
Gold prices in Pakistan continued their upward climb on Wednesday, with a sharp rise of Rs2,000 per tola, setting a new record high at Rs285,400.
This surge is driven by increasing international gold rates, which have significantly influenced local market prices.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported a substantial increase in the price of 10-gram gold, which rose by Rs1,714, bringing the new rate to Rs244,684.
The local market has seen a consistent upward trend in gold prices throughout the week. On Tuesday, prices per tola jumped by Rs1,100, reaching a previous high of Rs283,400.
In global markets, gold prices also surged on Wednesday, with an increase of $20 per ounce, bringing the rate to $2,757. The APGJSA noted an additional $20 premium during the day’s trading.
The rise in global demand for gold is largely attributed to geopolitical tensions, particularly in the Middle East, and uncertainties surrounding the upcoming U.S. elections, prompting investors to move towards safer assets like gold.
Silver prices mirrored this upward movement, rising by Rs200 to Rs3,350 per tola in the local market.
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