Karachi
The per tola price of 24 karat gold experienced a significant surge of Rs2,800 on Monday (April 1), reaching Rs237,600, compared to the previous rate of Rs234,800 on Friday (March 29). This rise coincides with a global trend of escalating gold prices.
Gold rates reached an all-time high of Rs240,000 per tola on May 10, 2023. Currency market experts interpret today’s increase of Rs2,800 from the previous closing as indicative of a notable upward trend in the precious metal’s value.
According to the All Sindh Sarafa Jewellers Association price of 10 grams of 24 karat gold increased by Rs2,401, selling at Rs203,704, compared to Rs201,303 previously. Similarly, 10 grams of 22 karat gold rose to Rs186,728 from Rs184,528. The prices of per tola and ten grams of silver remained unchanged at Rs2,600 and Rs2,211.93, respectively.
Experts attribute this surge in domestic gold prices to the record-high levels observed in international markets. Gold prices rose by $24, reaching an all-time high of $2,278 per ounce globally, compared to the previous closing of $2,254.
The continuous increase in global gold prices is driven by various factors, including geopolitical tensions, economic uncertainties, and inflationary concerns. Investors often turn to gold as a safe-haven asset during times of instability, leading to increased demand and higher prices.
As gold approaches its historic high in Pakistan, market observers will closely monitor the situation to see if it surpasses previous records and continues its upward trajectory in the days ahead.