Gold prices surge by Rs5, 800 per tola across Pakistan

KARACHI: Gold prices in Pakistan saw another sharp rise on Wednesday, with the per tola rate increasing by Rs5,800 to reach Rs440,900, according to the All Pakistan Gems and Jewellers Association (APGJA).

The price of 10 grams of gold also climbed by Rs4,972, bringing it to Rs378,000.

In the international market, gold gained $58, reaching $4,198 per ounce, the association added.

Earlier, Gold rates in Pakistan kept rising, reaching another record high in both local and international markets.

The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of 24-karat gold per tola went up by Rs6,900, bringing it to Rs435,100 in the local market. The price of 10 grams of 24-karat gold increased by Rs5,916 to reach Rs373,028, while 10 grams of 22-karat gold rose by Rs5,423 to Rs341,954.

In the global market, gold became $69 more expensive, reaching $4,140 per ounce.

Experts say this rise is due to investors turning back to gold because of economic instability and changes in currency values. Market analysts added that the stronger US dollar and changing expectations about interest rates have made gold a preferred safe investment again.