KARACHI – Gold prices spike in Pakistan amid buying frenzy in international market, and per tola rates touchedthe Rs359,700 mark on July 14.
After the latest tweaks, the price of gold per tola jumped by Rs1,600 to reach Rs359,700 while the rate of 10 grams of gold increased by Rs1,371, settling at Rs308,384. The latest surge comes as gold prices rose by Rs1,100 per tola to close at Rs358,100.
The increase in local prices comes as gold continues to gain momentum internationally. On Monday, the global price of gold climbed by $16, reaching $3,372 per ounce. Silver prices also followed the upward trend. The rate per tola rose by Rs65, bringing the new price to Rs4,087.
Those looking at bullion trends link the price hikes to growing investor interest in safe-haven assets amid ongoing global economic uncertainty. With gold continuing to serve as a hedge against inflation and currency fluctuations, further movement in prices is likely in near future.
