Gold prices reach new high in Pakistan

The per tola gold price increased further by Rs2,000 and was sold at the highest-ever rate at Rs285,400 on Wednesday October 23, 2024 compared to its sale at Rs283,400 on the last trading day.

The price of 10 grams of 24 karat gold also increased by Rs1,714 to Rs244,684 from Rs242,970 whereas the price of 10 gram 22 karat gold went up to Rs224,294 from Rs222,722, the All Sindh Sarafa Jewellers Association reported.

The price of per tola silver increased by Rs200 to Rs3,350 whereas that of ten gram silver went up by Rs171.46 to Rs2,872.08.

The price of gold in the international market increased by $20 to $2,757 from $2,737, the Association reported.

Gold hit an all-time peak on Tuesday as a mixture of factors including safe-haven demand spurred by U.S. election uncertainties and the Middle East war combined with expectations of further monetary easing amplified bullion’s surge.

Spot gold rose 0.7% to $2,739.40 per ounce by 10:20 a.m. ET (1420 GMT) after hitting a record $2,741.97 earlier in the session. U.S. gold futures gained 0.5% to $2,753.80.

Bullion, considered a hedge against geopolitical and economic uncertainties, has gained over 32% this year, reaching multiple record summits. Lower interest rates also raise the appeal of holding gold.