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Friday May 24, 2024

Gold prices hit new highs

By Our Correspondent
April 10, 2024
An undated image of a gold set displayed at a jewellery store. — AFP/File
An undated image of a gold set displayed at a jewellery store. — AFP/File

KARACHI: Gold prices soared to record highs in Pakistan’s local market on Tuesday, with an increase of Rs1,900 per tola, mirroring a surge in the international market where prices also hit an unprecedented peak.

The All Sindh Saraf Jewellers Association stated that gold rates reached Rs247,600 per tola. Similarly, the price of 10-gram gold rose by Rs1,629 to Rs212,277.

Gold rates increased by $19 to $2,374 per ounce in the international market, which is the all-time high rate in the international market. Silver rates remained unchanged at Rs2,650 per tola. Similarly, 10-gram silver rates also remained the same at Rs2,271.94.

Prices in the local market are adjusted by a premium of $20 over rates in the international market.The gold prices in the local market have risen after an enormous increase in the international market, where rates have reached an all-time high, as investors have turned to this metal following a state of war in Europe and the Middle East.