Karachi: Gold prices in Pakistan have surged by Rs 5,500 per tola, marking a significant increase.
As reported by the All Pakistan Sarafa Jewellers Association, the current price of gold in the country has reached an unprecedented Rs 428,200 per tola following the hike. Similarly, the cost for 10 grams of gold has climbed by Rs 4,715, now standing at Rs 367,112.
The silver market has also witnessed a notable increase, with rates rising by Rs 147 per tola, pushing its price to a record Rs 5,247.
Meanwhile, a sharp rise in the global gold market was observed, where gold prices jumped by $55 per ounce, reaching $4,071.
It’s important to highlight that gold prices in Pakistan are usually influenced by the fluctuations in the international market. Additionally, the depreciation of the local currency plays a key role in driving gold rates higher domestically.
Experts point out that further volatility in global markets or continued depreciation of the rupee could fuel more increases in gold prices.
They also emphasize that gold and silver are gaining popularity worldwide as reliable investment options. As investors shift their focus away from the stock market towards precious metals, demand for these commodities is being driven even higher.
