Gold price in Pakistan resumed its record high run on Wednesday and surpassed the Rs285,000 per tola mark for the first time in history.
According to All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the latest increase comes after the 24-karat gold price witnessed a single-day gain of Rs2,000, bigger than the increase it witnessed on the previous trading day, closing Tuesday’s session at Rs285,400 per tola.
The price of ten-gramme gold was also seen up by Rs1,714, clocking in at Rs244,684.
Internationally, the yellow metal’s rate surged by $20 to $2,757 per ounce. This price also includes a premium of $20.
Experts say that the latest surge in global and local bullion markets is due to conflicts in the Middle East and confusion regarding the upcoming elections in the US.
In such circumstances, gold is seen as a hedge against economic and geopolitical uncertainties.
The price of gold in Pakistan is currently Rs65,700 per tola up since the start of this calendar year. For those unaware, the price of gold, according to APGJSA, on the first trading day of 2024 was recorded at Rs219,700 per tola.
