Gold price increases by Rs1,100 per tola

KARACHI: The price of gold in Pakistan saw a significant rise on Friday, with 24-karat gold being sold at Rs244,400 per tola, marking an increase of Rs1,100 per tola from the previous day.

This surge comes as a response to ongoing economic pressures and a reduction in purchasing power among consumers.

The Karachi Sarafa Association reported that the price of 24-karat gold per 10-gramme also rose, reaching Rs209,534 per tola, an increase of Rs944 per tola. The price of 22-karat gold similarly experienced an uptick, now standing at Rs192,072 per 10-gramme.

Despite the rising gold prices, silver remained stable in the domestic market. The price of 24-karat silver held steady at Rs2,850 per tola and Rs2,443 per 10-gramme, showing no change from the previous rates.

On the international stage, spot gold traded near $2,363 an ounce, reflecting a modest increase of $6.8 or 0.29 per cent from the previous trading session.

This latest adjustment in gold prices highlights the economic challenges faced by consumers, with prices being kept approximately Rs3,000 below their actual cost today. The reduction in purchasing power continues to influence market dynamics, prompting cautious optimism among investors and traders.

As the global economic landscape remains volatile, both gold and silver prices are expected to remain closely monitored by market participants, with potential further adjustments in response to shifting economic conditions.

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