The local bullion market witnessed another significant surge today as the price of gold per tola increased by Rs7,900, bringing it close to its highest level in history and causing concern among buyers.
According to a report issued by the All Pakistan Gems and Jewellers Association, gold prices continued to rise in markets across the country on Thursday, the fourth trading day of the week, pushing rates near a new historic peak.
The report stated that 24 karat gold per tola became costlier by Rs7,900 on Thursday, raising the price to Rs523,962. This substantial single-day increase is being seen as a sharp fluctuation in gold rates, making the purchase of jewellery increasingly difficult for ordinary consumers.
Similarly, the price of 10 grams of gold increased by Rs6,773 to reach Rs449,212. The continued upward trend in gold prices has added to the concerns of families planning to buy jewellery during the wedding season. Several shopkeepers have indicated that customer footfall was already limited, and the latest price hike may further impact market activity.
Meanwhile, in the international market, the price of gold rose by $79 to reach $5,012 per ounce, which has directly influenced domestic rates.
The report further noted that silver prices in Pakistan also recorded an increase. The price of silver per tola went up by Rs358 to reach Rs8,404, while the price of 10 grams of silver increased by Rs307 to Rs7,205.
It is worth mentioning that during the previous trading session, gold per tola had already increased by Rs1,300 in the local market, while in the global market, gold had risen by $13 per ounce.
