On April 29, 2023, the gold rates in Pakistan soared to an all-time high due to a significant surge in international gold rates.
The price of 24 karat gold increased by Rs800 to reach a record high of Rs219,500 per Tola in the domestic market.
READ MORE: Gold rates soften in Pakistan after hitting record high
Similarly, the rate of 24 karat gold per 10 grams surged by Rs686 to Rs188,186 in the local market. The price of 22 karat gold per 10 grams was recorded at Rs172,504.
The increase in gold prices was primarily attributed to the surge in international gold rates, which increased by $6 to $1,990.
This rise in international rates was mainly due to the increased demand for gold in the international market. The increased demand can be attributed to the ongoing geopolitical tensions and rising inflation.
Gold rates reach all-time high in Pakistan: Rs218,800 per Tola
The gold market in Pakistan has been experiencing a significant uptick in recent years, with the country’s gold reserves valued at over $4 billion. The increased demand for gold in Pakistan is driven by various factors, including a growing population, rising inflation, and the increasing purchasing power of the country’s middle class.
Meanwhile, the rate of 24 karat silver per Tola remained unchanged at Rs2,600. Similarly, the rate of 24 karat silver per 10 grams was at Rs2,229.08. In the international market, the silver rate was recorded at $25.06.
Gold prices surge in Pakistan despite unchanged rates in international markets
While the rise in gold prices may not be good news for consumers and investors, it does offer a great opportunity for gold traders to make profits. For investors, gold is considered a safe-haven asset, which means that it can act as a hedge against inflation and other economic uncertainties.
