Gold price surpasses Rs340,000 to hit fresh all-time high

KARACHI: Gold prices in Pakistan climbed to a new record high on Saturday, following an upward trend in international markets.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs1,800 in a single day to reach Rs340,600 per tola in the local market. The price for 10 grams of gold also went up by Rs1,543, settling at Rs292,009.

Meanwhile, silver prices remained stable at Rs3,234 per tola.

This follows a sharp jump on Friday, when gold gained Rs10,000 per tola to hit Rs338,800 – the highest ever at the time.

In the international market, gold reached $3,236 per ounce on Friday, marking a daily increase of $18. The APGJSA noted this includes a $20 premium.

On the currency front, the Pakistani rupee appreciated slightly against the US dollar during Friday’s interbank trading. The rupee gained 8.98 paisa, or 0.03 per cent, closing at Rs280.47 per dollar compared to Rs280.56 a day earlier.

Despite this marginal recovery, the rupee has lost Rs2.13, or 0.76 per cent, against the dollar since the start of the current fiscal year. On a calendar year basis, it has weakened by Rs1.92, or 0.68 per cent.

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