On Tuesday, Pakistan’s gold market saw a historic upswing as prices hit previously unheard-of heights. The price of 24-karat gold per tola increased by Rs. 4,100, to Rs. 388,100, from Rs. 384,000 the day before, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
In a similar vein, the price of 10 grams of 24-karat gold increased by Rs. 3,514, from Rs. 329,219 to Rs. 332,733. Additionally, the price of 22-karat gold increased by Rs. 3,222, from Rs. 301,794 to Rs. 305,016.
The upward trend was also followed by silver. The price of 10 grams of silver increased by Rs. 17 to Rs. 3,736 while the price of 24-karat silver per tola increased by Rs. 20 to Rs. 4,358.
While silver increased by $0.20 an ounce to $41.25 from $41.05 earlier, gold remained bullish on the global market.
Currency depreciation, investor demand for gold as a safe-haven asset, and global market volatility are all factors contributing to the recent spike in domestic gold prices. According to experts, if economic uncertainties continue, the trend might continue.
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