Gold prices in Pakistan surged to a new record on Friday, with an increase of Rs. 300 per tola, bringing the price to an unprecedented Rs. 257,700 per tola. The price for 10 grams of gold also saw a rise of Rs. 256, reaching Rs. 220,936.
The Karachi Sarafa Association, which monitors local gold rates, noted that despite the increase, gold prices in Pakistan remain Rs. 2,000 per tola below the actual international cost. This discrepancy is often attributed to fluctuations in the exchange rate and market demand.
On the global stage, the price of spot gold increased by 0.3%, reaching $2,462.82 per ounce. The rise in gold prices internationally is largely driven by economic uncertainties, which often lead investors to seek refuge in precious metals like gold.
This latest hike in gold prices is expected to impact the local market, particularly affecting those involved in the jewelry business and consumers looking to purchase gold. As prices continue to rise, many are keeping a close watch on the market for further changes.
With the global economy facing various challenges, gold is likely to remain a popular investment choice, influencing prices both internationally and locally.
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