KARACHI – Gold prices surged to another record high after witnessing gains on last day of the business week, Saturday.
Data shared by All Pakistan Gems and Jewellers Association showed per tola price of 24-karat moved up by Rs1,800 to soar to Rs340,600.
Similarly, the price of 10-gram surged by Rs1,543 to settle at Rs292,009.
The bullion rates also surged to record high as per ounce price increased by $18 to settle at $3,236 in international market.
A day earlier, the price of gold in Pakistan rose by a staggering Rs10,000 per tola, bringing the new rate to a historic Rs338,800 per tola.
Similarly, the price of 10 grams of gold increased by Rs8,573, now standing at Rs290,466.
Analysts attribute the surge to a combination of factors including global inflation concerns, expectations of interest rate cuts, and geopolitical tensions, which have driven investors towards gold as a safe-haven asset. In Pakistan, the depreciation of the rupee and rising import costs have further fueled the price hike.
The sharp increase has sparked concern among consumers, particularly those preparing for weddings and major purchases, while jewellers warn that if current trends continue, prices may climb even higher in the coming days.
