Gold rates reach record high of Rs291,800 per tola

KARACHI: Gold prices rose by Rs1,500 per tola on Friday in the local market, driven by a corresponding increase in the international market. The surge marks a new record for gold rates in both domestic and international markets.

According to the All Pakistan Sarafa Gems and Jewellers Association, gold rates reached Rs291,800 per tola, setting an unprecedented high. Similarly, the price of 10-gram gold increased by Rs1,286, bringing it to Rs250,171. The ongoing upward trend highlights the continued influence of global market fluctuations on local gold prices.

In the international market, gold prices climbed by $14 to $2,792 per ounce. Local market rates are typically adjusted with a premium of $20 over international prices. Unlike gold, silver rates remained stable. The price of silver stood unchanged at Rs3,300 per tola, while 10-gram silver rates also remained steady at Rs2,829.

Analysts pointed out that the surge in gold prices continues to reflect global economic dynamics. “The recent rise in gold prices globally can be attributed to persistent economic uncertainties, geopolitical tensions and shifting investor sentiment,” an industry expert noted.

The continued increase in gold prices has led to concerns in the local jewellery market, where consumer buying activity has slowed due to high costs. Many jewellers report declining sales as customers shy away from purchasing gold ornaments.

However, investors seeking long-term financial security continue to view gold as a favourable investment. Market participants remain vigilant, with traders closely monitoring both international trends and local market responses. Experts believe that unless significant changes occur in global financial policies or geopolitical conditions, the bullish trend in gold prices may persist.