Gold Prices in Pakistan Hit New Record High

Gold Prices in Pakistan Reach Record High Amid Global Surge

Gold prices in Pakistan continued to rise sharply on Wednesday, hitting unprecedented levels both locally and internationally.

The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of 24-karat gold per tola surged by Rs5,800, closing at Rs440,900 in the domestic market. Similarly, 10 grams of 24-karat gold climbed to Rs378,000, an increase of Rs4,972. The price of 10 grams of 22-karat gold also rose by Rs4,558 to reach Rs346,512.

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On the global front, gold prices rose by $58 to $4,198 per ounce. Experts attribute this upward trend to growing investor interest fueled by economic uncertainties and currency market fluctuations. The strengthening US dollar and changes in interest rate expectations have driven investors to seek refuge in safe-haven assets like gold.

Silver prices also experienced a modest increase. The rate for 24-karat silver per tola went up by Rs90 to Rs5,337, while 10 grams of silver traded at Rs4,575.

Market analysts continue to monitor the situation as precious metals maintain their appeal amidst volatile economic conditions.

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According to the All Pakistan Sarafa Jewellers Association, the price of gold per tola has increased by Rs 5,400, bringing the new rate to Rs 415,278. Similarly, the price of 10 grams of gold rose by Rs 4,629, reaching Rs 356,033.

In the international market, gold saw a significant increase of $54, bringing the price to $3,940 per ounce.