Gold prices surge again in Pakistan

KARACHI: The price of gold in Pakistan witnessed another significant increase on Wednesday, continuing its upward trend amid rising global rates.

According to the All Pakistan Sarafa Jewellers Association, the price of 24-karat gold per tola rose by Rs3, 500, reaching Rs410, 278. Similarly, the price of 10 grams of gold increased by Rs3, 001, now standing at Rs351, 474.

The association further reported that in the international market, gold prices surged by $35, climbing to $3,890 per ounce.

Traders attribute the rise to fluctuations in the global bullion market and a weakening local currency, both of which continue to push domestic gold prices to record highs.

Earlier, gold prices in Pakistan registered massive gains to reach fresh high in line with the upward trend in international market.

According to the Saraffa Association, the opening price of 24-karat gold per tola stood at 403,600 while the rate for 10 grams stood at Rs346,021.

Gold is a valuable commodity widely traded in global markets. Known for its rarity and durability, gold has been used for centuries as a store of value and hedge against inflation. It is traded in various forms, including physical bullion, futures contracts, and exchange-traded funds (ETFs).