Gold rates in Pakistan witnessed a sharp increase on Tuesday, with the price of 24-karat gold hitting a new high of Rs230,100 per tola, up by Rs3,200 from the previous day.
The price of 24-karat gold per 10 grams also increased by Rs2,744 to reach a fresh high of Rs197,274, while the rate of 22-karat gold grew to Rs180,834 per 10 grams.
The increase in gold prices can be attributed to a rise in international market prices, where gold reached $2,031 per ounce, up by $9.
Furthermore, the Pakistani Rupee recorded a significant decline against the dollar, falling by 99 paisas to PKR 284.84 in the interbank foreign exchange market, which adversely affected gold rates.
In addition to the rise in gold prices, the price of silver also reached a record high in domestic markets. The price of 24-karat silver saw an increase of Rs100, reaching Rs3,000, while the price of 24-karat silver per 10 grams rose by Rs85.72 to reach Rs2,572.
The increase in gold and silver prices in Pakistan can be attributed to a combination of global market trends and local currency fluctuations. Investors and analysts are closely monitoring these developments to assess the impact on the economy and make informed investment decisions.
The rise in gold and silver prices may have both positive and negative implications for the Pakistani market and its stakeholders, depending on various factors such as inflation, consumer demand, and the government’s response to these developments.
Gold continues upward trajectory to reach all-time high in Pakistan
