Gold rates up Rs400 per tola to new record high

KARACHI: Gold prices rose by Rs400 per tola on Saturday in the local market, following an increase in the international market. This marks the new highest rate for gold in both local and international markets.

According to the All Pakistan Sarafa Gems and Jewellers Association, gold rates climbed to Rs292,200 per tola.

Similarly, the price of 10-gram gold increased by Rs343, bringing it to Rs250,514.

In the international market, gold rates rose by $5 to $2,797 per ounce. Local market prices are typically adjusted with a premium of $20 over international rates. While gold prices surged, silver rates saw a decline. Silver prices decreased by Rs30 to Rs3,270 per tola, and 10-gram silver rates fell by Rs26 to Rs2,803.

Market analysts attributed the rise in gold prices to global economic uncertainty following a recent government change in the US. “The political shift has created economic uncertainty, prompting investors to seek refuge in gold, which is considered a safe-haven asset,” one analyst explained. Despite gold’s appeal as a stable investment during times of financial instability, the rising prices continue to dampen consumer demand in the local jewellery market. With silver prices showing a decline, some market participants are turning their attention to the more affordable precious metal.