KARACHI: Gold prices in Pakistan have surged to unprecedented levels, marking the largest single-day hike in the rate of 24-karat gold per tola.
The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of 24-karat gold per tola increased by a record Rs14,100, hitting an all-time peak of Rs456,900 in the local market.
For 10 grams of 24-karat gold, the rate rose to Rs391,718, reflecting a gain of Rs12,089, while 10 grams of 22-karat gold climbed to Rs359,087, registering an increase of Rs11,082.
Similarly, silver has also reached new highs as the price of gold surpasses Rs450,000 per tola within the country.
On the international front, gold prices jumped by $141, reaching $4,358 per ounce. This surge is attributed to heightened investor interest driven by global economic uncertainties and currency instabilities.
Market analysts point to the strengthening US dollar and shifting interest rate expectations as key factors prompting investors to turn towards safe-haven assets like gold.
