Gold prices in Pakistan have reached an all-time high, with 24-carat gold now trading at Rs384,000 per tola. This reflects a significant increase of Rs6,100 per tola, according to the All Sarafa Association.
The price of 10 grams of gold also surged, rising by Rs5,230 to Rs329,219. Experts say the increase is influenced by both local and international market trends.
Silver prices have followed a similar upward trajectory. The price per tola of silver rose by Rs23, reaching Rs4,338, setting another record in the domestic market.
In the international market, gold also experienced gains. The price per ounce increased by $61, bringing the rate to $3,613. Analysts point to factors like global demand, currency fluctuations, and economic uncertainty as drivers of the increase.
Investors are paying close attention to the rising gold prices, considering it a safe investment during periods of market volatility. Traders say continued demand for gold in Pakistan could push prices even higher in the coming days.
Market observers highlight that the surge in gold and silver prices reflects the interconnectedness of local and global precious metals markets. Economic trends abroad often impact domestic rates, creating fluctuations in investment patterns.
The historic rise in gold prices has also affected the jewellery sector. Retailers have had to adjust their rates, which may influence consumer buying decisions during the festive season.
Overall, the record-breaking increase in gold prices underscores its role as a valuable investment and a hedge against economic uncertainty. Market watchers advise keeping an eye on both domestic and international trends for future developments in gold rates.
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