Gold prices in Pakistan soar to new high

Local price of gold per tola soared by Rs4,600, reaching record high of Rs254,000

Gold prices have hit a record peak in the local market, sparking interest among investors and traders.

Globally, the price of gold per ounce increased by $60, reaching $2,470. This significant rise was mirrored in the local market, where the price per tola soared by Rs4,600 to Rs254,000, setting a new high.

In Karachi, the price per ten grams of gold also experienced a sharp increase, climbing by Rs4,287 to reach Rs217,764. These adjustments come after a period of fluctuating prices.

As recently as July 9, there was a notable decline in gold prices. Globally, the price per ounce fell by $12 to $2,362, while locally, the price per tola dropped slightly by Rs100 to Rs245,000, and the price per ten grams decreased by Rs86 to Rs210,048.

Earlier in the week, the local market saw a gradual rise of Rs2,900 over three days. Market analysts suggest that this upward trend in prices is due to subdued buying activity, which has influenced the pricing dynamics in local markets.