The price of gold in Pakistan has reached an all-time high, experiencing a significant rise after the market reopened following a two-day Ashura break. Dealers attribute the increase to the possibility of the US central bank cutting interest rates and the influence of Donald Trump’s potential victory in the US elections. The All-Pakistan Gems and Jewellers Sarafa Association reported on Monday that the price of 24-karat gold per tola surged by Rs4,600, reaching a historic Rs254,000.
Additionally, the price of 10-gram 24-karat gold rose by Rs3,944 to Rs217,764. The price of 10 grams of 22-karat gold on Thursday was Rs199,617. The international gold market also showed an upward trend, with the global rate at $2,470 per ounce, marking a $60 decrease on Monday, according to APGJSA. However, silver prices in the local market remained stable at Rs2,900 per tola.
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Market analysts attribute the rise in gold prices to various factors, including fluctuations in the international market, currency exchange rates, and economic conditions. The continued increase in gold prices is likely to influence investment decisions and consumer behavior in the coming days.
