Gold rates up Rs100 per tola to new highs

KARACHI: Gold prices rose by Rs100 per tola on Tuesday in the local market following a slight increase in the international market. This latest rise has pushed gold prices to a new all-time high.

The All Pakistan Sarafa Gems and Jewellers Association reported that gold rates reached Rs303,100 per tola.Similarly, the price of 10-gram gold rose by Rs86, bringing it to Rs259,859.In the international market, gold rates increased by $1 to $2,904 per ounce. Local gold prices are typically adjusted with a premium of $20 over international rates.

Silver prices, however, saw a decline. Silver rates dropped by Rs61 to Rs3,312 per tola, while the price of 10-gram silver decreased by Rs52 to Rs2,839.Market analysts attributed the continued rise in gold prices to ongoing global economic uncertainties. One expert noted, “The increase in gold prices is linked to the recent government change in the US, which has fuelled economic uncertainty. Investors are turning to gold as a safe-haven asset amid financial instability.”