Gold prices soar in Pakistan; 24-carat gold hits record high

KARACHI: Gold prices in Pakistan have continued their upward trajectory, reflecting a global surge in the precious metal’s value. According to the All Pakistan Sarafa Association, the price of 24-carat gold per tola has risen by Rs 2,600, reaching an all-time high of Rs 454,862. Similarly, the price of 10 grams of gold has also increased by Rs 2,229, now standing at Rs 389,970.

The price hike is not limited to gold alone. Silver prices have also seen a significant rise. The price of silver per tola has gone up by Rs 68, now being sold for Rs 6,532.

Experts attribute the rise in gold prices to a surge in the global market, where the value of gold has increased by $26 per ounce, reaching $4,325. The impact of these global trends is being strongly felt in local markets, with Pakistani gold prices reflecting the international market’s movement.

CURRENCY MARKET UPDATE

The hike trend has extended to the foreign exchange market as well, where the US dollar exchange rate has weakened slightly. According to the Exchange Companies Association, the Pakistani Rupee’s value appreciated by 2 paisa in the interbank market against the greenback, with the exchange rate now at Rs 280.30 to the US Dollar.

With global trends influencing local markets, both the stock and commodities markets are witnessing notable shifts, with investors keeping a close eye on the ongoing developments.

Web Desk