New record high: Gold price surges to Rs282,300 per tola

KARACHI: Gold prices in Pakistan reached a new record on Monday, the first trading day of the week, with 24-karat gold selling at Rs282,300 per tola after a rise of over Rs500.

The Karachi Sarafa Association reported that 24-karat gold is now priced at Rs242,027 per 10 grammes, reflecting an increase of Rs429.

Similarly, the price of 22-karat gold saw an upward trend, quoted at Rs221,858 per 10 grammes.

This bullish trend has extended to silver as well, with the metal reaching its highest level since 2012 in the international market. In Pakistan, 24-karat silver is being sold at Rs3,150 per tola and Rs2,701 per 10 grammes, with a year-to-date increase of Rs470 per tola, or 17.5 per cent.

Globally, spot gold surged to a new record near $2,728 per ounce, driven by safe-haven demand amid concerns over escalating conflicts in the Middle East and a closely contested US election.

Gold prices have risen more than 32 per cent this year, surpassing the 31 per cent increase in 2007 and marking the largest gain since 1979, when prices soared by 127 per cent.

In Pakistan’s bullion market, gold has climbed by Rs62,300 per tola, reflecting a 28 per cent increase so far this year.

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