A sharp increase of Rs 11,700 per tola was recorded in the local bullion market today, pushing gold prices close to their historic highest level and making the precious metal even more expensive for consumers.
According to the All Pakistan Gems and Jewellers Association, gold prices surged across the country’s bullion markets on Saturday, the sixth trading day of the week, bringing rates close to a new all-time high.
The report stated that the price of 24-karat gold rose by Rs 11,700 per tola during the day, after which gold was traded at Rs 519,462 per tola. This significant single-day increase has added to the difficulties faced by ordinary buyers amid rising inflationary pressures.
The association further reported that the price of 10 grams of gold increased by Rs 10,030, reaching Rs 445,354. The continuous rise in gold prices has increased concerns for families purchasing jewellery during the wedding season, while traders say customer turnout was already low and the latest prices may further affect sales.
In the international market, gold prices rose by $117 to reach $4,967 per ounce, which has directly influenced the upward trend in local rates.
Silver prices in Pakistan also witnessed an increase, touching a new historic high. The price of silver rose by Rs 444 per tola to reach Rs 8,269, while the price of 10 grams of silver increased by Rs 381 to stand at Rs 7,089.
It is worth recalling that during the previous trading session, gold prices in the country had dropped sharply by Rs 21,400 per tola, while gold in the global market declined by $214 per ounce.
