Gold prices in Pakistan hit an all-time high on Monday, reaching Rs226,900 per tola as the prices of the precious metal increased.
The price of 24-karat gold per 10 grams increased by Rs1,200 to reach Rs194,530. Additionally, the rate of 22-karat gold per 10 grams also rose to Rs178,319. The international market saw a $5 increase in the price of gold, reaching $2,022.
The surge in gold prices is believed to be caused by a rise in demand for the precious metal due to a weakening of the Pakistani rupee and global inflation. Furthermore, political and economic uncertainty have also contributed to the increase in demand for gold as a safe-haven asset.
The price of silver also reached an all-time high in the local market, with the rate of 24-karat silver per tola increasing by Rs30 to reach Rs2,900. The price of 24-karat silver per 10 grams also increased by Rs25.72 to reach Rs2,486.28. The international market saw a rate of $25.63 for silver.
Despite the high prices, gold and silver remain popular investments in Pakistan due to their perceived stability and resistance to market volatility. Investors are advised to stay up-to-date with market trends and seek professional advice before making any investment decisions.
READ MORE: Gold hits fresh high in Pakistan to reach Rs225,500 per Tola