GOLD Price Reaches New High of Rs291,800 per Tola

The price of gold in Pakistan has surged to a record high, with the All-Pakistan Gems and Jewellers Sarafa Association reporting a new peak of Rs291,800 per tola, marking a significant increase of Rs1,500. This hike is in line with global market trends, where the price of gold has risen by $14 to $2,792 per ounce.

The local market experienced a double increase in gold rates within the day, with the price first climbing by Rs1,600 per tola to Rs290,300, followed by a further increase of Rs1,500 to reach the record high. The price of 10 grams of 24-karat gold has also increased by Rs1,286, reaching Rs250,171. Meanwhile, the price of silver in the local market has remained steady at Rs3,300 per tola.

Abdullah Abdul Razzaq, a member of the All-Pakistan Gems and Jewellers Sarafa Association, confirmed that this is the highest gold price ever recorded. The US dollar's weakening has also contributed to the rise in gold demand, further fueling the price increase. Additionally, Pakistan's economic situation remains under strain, with the State Bank of Pakistan reporting a $76 million decline in foreign exchange reserves.

The gold market has experienced significant fluctuations, with the price rallying to an all-time high of Rs291,800 per tola, a rise of Rs3,100 from the previous day. The price increase has ranged from Rs343 to Rs400 in the local market, with the All-Pakistan Gems and Jewellers Sarafa Association reporting the price of gold per tola surging to Rs292,200 from Rs291,800.

As the gold prices continue to soar, it remains to be seen how the market will respond in the coming days. The All-Pakistan Gems and Jewellers Sarafa Association will likely continue to monitor the situation and provide updates on the gold prices in Pakistan.