Islamabad: Gold prices recorded a sharp increase in Pakistan on Monday, pushing the precious metal to a new historic high. According to a report issued by the All Pakistan Gems and Jewellers Association, gold became more expensive in local bullion markets on the first day of the business week, adding to the difficulties faced by consumers.
The report said that the price of 24-karat gold rose by Rs 7,700 per tola, taking the rate to Rs 480,962. This single-day increase is being described as one of the most significant recent jumps in gold prices, further burdening ordinary buyers.
Similarly, the price of 10 grams of gold increased by Rs 6,602 to reach Rs 412,347, according to the association. Continuous increases in gold prices have heightened concerns for families planning jewellery purchases during the wedding season, while traders say customer footfall was already low and may decline further due to rising prices.
Meanwhile, in the international market, gold prices climbed by $77 to reach $4,586 per ounce, a rise that has directly impacted local bullion rates.
Silver prices in Pakistan also recorded an increase, with the per tola rate rising by Rs 430 to a new peak of Rs 8,895, while the price of 10 grams of silver went up by Rs 369 to Rs 7,626.
It is worth recalling that on the last day of the previous business week, gold prices in Pakistan had already risen sharply by Rs 3,700 per tola, while international gold prices increased by $37 per ounce, indicating continued volatility in precious metal markets.
