Fourth straight surge pushes gold price to record high of Rs262,000 per tola

KARACHI: Gold prices in Pakistan have continued their upward trajectory for the fourth consecutive day, reaching a new all-time high on Friday.

The price of 24-karat gold has risen to Rs262,000 per tola, reflecting an increase of Rs200 from the previous session. This marks the highest price ever recorded for gold in the country.

Interestingly, the current price is Rs2,000 lower than its actual cost, providing some respite to buyers amid the rising costs. Globally, spot gold is trading at approximately $2,492 an ounce, up by $5.4 or 0.22 per cent from the last trading session.

According to the Karachi Sarafa Association, the price of 24-karat gold has reached Rs224,623 per 10 grammes, an increase of Rs172. The price of 22-karat gold has also risen, now standing at Rs205,904 per 10 grammes.

In contrast, silver prices have remained stable in the domestic market. The price of 24-karat silver is steady at Rs2,950 per tola and Rs2,529 per 10 grammes.

Weekly gold price overview

Monday, August 19: Gold prices experienced a slight dip following a record high, with 24-karat gold decreasing by Rs200 to Rs260,000 per tola.

Tuesday, August 20: Prices surged to a new record high, with 24-karat gold climbing by Rs700 to Rs260,700 per tola, driven by international market trends.

Wednesday, August 21: The upward trend continued as gold prices rose by Rs300, reaching Rs261,000 per tola, marking the third record high in the past month.

Thursday, August 22: Gold prices hit another all-time high, with 24-karat gold priced at Rs261,800 per tola, an increase of Rs800.

As of Friday, gold prices have continued to rise, reaching Rs262,000 per tola. This ongoing increase underscores the volatility and the record-setting nature of the current gold market in Pakistan.

Read next: State Bank-held reserves rise, but $15 billion barrier remains unbroken