Gold prices recorded a significant increase in Pakistan today, pushing rates close to a new all-time high in the local bullion market.
According to a report by the All Pakistan Gems and Jewellers Association, gold became more expensive on the first working day of the business week, Monday. The association reported that the price of twenty-four karat gold increased by two thousand six hundred rupees per tola, raising the per tola price to four hundred fifty-four thousand eight hundred sixty-two rupees.
The report noted that this sharp single-day increase has added to the financial burden on ordinary consumers. Similarly, the price of ten grams of gold rose by two thousand two hundred twenty-nine rupees, reaching three hundred eighty-nine thousand nine hundred seventy rupees.
Jewellers stated that the continued rise in gold prices has further increased concerns among families purchasing jewellery during the wedding season. Traders added that customer turnout was already low and the latest price hike is likely to impact sales even more.
In the international bullion market, gold prices rose by twenty-six dollars to reach four thousand three hundred twenty-five dollars per ounce. Analysts say fluctuations in global prices continue to influence domestic rates.
Silver prices in Pakistan also recorded an increase, reaching a new historical high. The price of silver per tola rose by sixty-eight rupees to six thousand five hundred thirty-two rupees, while the price of ten grams of silver increased by fifty-eight rupees to five thousand four hundred ninety-nine rupees.
It is worth noting that during the last working day of the previous business week, gold prices in Pakistan had declined by two thousand rupees per tola, while global gold prices fell by twenty dollars per ounce.
