Gold price soars to record high of Rs280,900 per tola in Pakistan

KARACHI: On Friday, the price of gold in Pakistan rose by Rs3,000 per tola, reaching a historic high of Rs280,900 in local markets. This marks the third consecutive day of record-breaking prices.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price for 10 grammes of gold also climbed, increasing by Rs2,572 to reach Rs240,826.

The surge in gold prices in Pakistan is largely influenced by rising international rates. On the global market, gold prices hit an unprecedented $2,712 per ounce, which includes a $20 premium, reflecting a daily increase of $30.

This upward trend follows a rise in gold prices on Thursday, when local prices increased by Rs700, settling at Rs277,900.

The global market has seen gold surpass the $2,700-per-ounce mark for the first time, driven by uncertainties surrounding the upcoming US elections and ongoing tensions in the Middle East.

These factors have heightened the demand for gold as a safe-haven investment, further contributing to the rally in prices.

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