KARACHI: Gold rates in Pakistan have reached an all-time high, with the precious metal hitting Rs218,800 per Tola on Thursday.
This marks an increase of Rs150 from the previous day’s rates. The price of 24 karat gold also rose by Rs129 to Rs187,586 per 10 grams, while the price of 22 karat gold rose to Rs171,954 per 10 grams.
These increases come as the global rate of gold reaches $2,001 per ounce. The rise in gold rates is attributed to the ongoing COVID-19 pandemic and the resulting economic uncertainty, which has prompted investors to turn to gold as a safe-haven asset.
In contrast, the price of silver remained unchanged in the domestic market, with silver 24 karat holding steady at Rs2,570 per Tola, and silver 24 karat remaining at Rs2.203.36 per 10 grams. The global rate of silver was reported at $25.18 per ounce.
The rising prices of gold have sparked concern among consumers and businesses alike, particularly those in the jewelry and gold trading industries. While the current rates are good news for gold investors, they may prove to be a challenge for small businesses and individuals who rely on gold for their livelihoods.
The government and financial authorities are closely monitoring the situation and are expected to take measures to mitigate the impact of rising gold rates on the economy. In the meantime, consumers and businesses are advised to exercise caution and closely monitor market trends before making any investment decisions.
Gold prices surge in Pakistan despite unchanged rates in international markets
