Gold price surges by Rs1,400 per tola, nearing record territory

KARACHI: The price of gold in Pakistan increased on Friday, with 24-karat gold being sold at Rs263,500 per tola, marking a rise of Rs1,400.

This latest increase brings the price just Rs200 below its all-time high of Rs263,700 per tola, which was recorded in August.

According to the Karachi Sarafa Association, the price of 24-karat gold also rose for 10 grammes, reaching Rs225,908, an increase of Rs1,200. Similarly, 22-karat gold was quoted at Rs207,083 per 10 grammes, reflecting a hike as well.

In the previous trading session on Thursday, the price of gold surged by Rs2,000 per tola, bringing it to Rs262,100 per tola, reversing some of the losses witnessed earlier in the week.

Last month, gold prices hit a record high of Rs263,700 per tola.

Meanwhile, silver prices remained stable in the domestic market. The price of 24-karat silver stood at Rs2,900 per tola and Rs2,486 per 10 grammes.

On the international market, spot gold traded at $2,519 per ounce, showing a modest increase of $1.8 or 0.07 per cent compared to the previous session.

Read next: IMF wants Pakistan to end price controls on key agricultural products