Gold hits all-time high

KARACHI: Gold prices in the local market increased by Rs750 per tola on Friday to all-time high rates in the country.

According to data released by All Sindh Saraf Jewelers Association, gold rates in the local market moved up to Rs163,500 per tola.

Similarly, 10-gram gold price also increased by Rs643 to Rs140,204. In the international market, gold rates increased by $19 to $1,799 per ounce.

Silver rates rose by Rs10 to Rs1,780 per tola. The price of 10-gram silver also increased by Rs8.58 to Rs1,543.13. Local jewellers said gold prices in the local market remained below Rs2,000 per tola as compared with the rates in Dubai gold market.

One analyst said that gold prices in Pakistan increased because of Pak currency instability and an increase in the international market. In the international market, gold rates increased by around 9 percent or $146 to $1,799 per ounce on December 2, 2022, from $1,653 per ounce on November 1, 2022.