Gold Hits records high in Pakistan as a global price increase

• Gold 10gramme jumps from RS7,202.
• World Gold reaches $ 4,039 per ounce.
• Local silver price rises by Rs55 per Tola.
  

Karachi: Gold prices in Pakistan reached a high level on Wednesday, reflecting a sharp increase in international markets.

According to the All Pakistan Sarafa Gems and Jewelers Union (Apsgja), the price of 24ct gold has increased from RS8,400 per Tola, bringing it to RS425,178, the highest level ever recorded in the country.

The pace for 10 grams of 24ct gold increased by RS7,202, closing to RS364,521, while 10 grams of 22ct gold was in RS334,156 after acquiring RS6,602.

In the world market, gold increased by $ 84 to reach $ 4,039 per ounce, reflecting the ongoing demand for investors in the midst of global uncertainty.

Silver prices have also increased, with 24ct silver from RS55 per TOLA to RS4,984 and 10 grams from RS47 to RS4,272.

The Association noted that the latest values ​​were calculated on the basis of interbank exchange rates, with the purity of gold stabilizing at 999 per 24 carats.

Apsgja President Muhammad Qasim Shikarpuri confirmed that these rates represent the highest in Pakistan’s history.

In the international market, Gold first ran $ 4,000 a ounce, as investors accumulated in a historic rally in the secure-fierce asset to compensate for global economic and geopolitical uncertainties, while betting on US cuts.

Traditionally, gold is regarded as a value shop in periods of instability. Spot Gold is about 54% annually, winning 27% in 2024.

The race is due to a cocktail of factors, including expectations of interest rates, ongoing policy and economic uncertainty, the stable market of the central bank, the inputs of money traded in gold (ETF) and a weak dollar.

“Background factors are very much the same as before, in terms of geopolitical uncertainty, with the additional spice of the government’s closure,” said Stonex Rhona O’Connell analyst.