Gold prices soar to new heights in Pakistan

In a remarkable turn of events, both the global and Pakistani gold markets witnessed a sharp and significant surge in the price of the precious yellow metal on Friday.

According to a report by 24News HD TV channel, the price of one tola (equivalent to approximately 11.66 grams) of pure 24-karat gold soared by Rs2,900 to reach an impressive Rs2,35,500. Similarly, the price of 10 grams of pure 24-karat gold surged by Rs2,486, crossing the Rs2,00,000 mark and settling at Rs2,01,903.

The impact of this gold rally is also evident in the pricing of 22-karat gold, which is commonly utilized in jewellery crafting across Pakistan. Trading at Rs1,85,078 per 10 grams, this surge underscores the widespread effects of the upward trend.

In contrast, the price of pure 24-karat silver also increased by Rs50 per tola to Rs2,850 per tola. The price of 10 grams silver increased by Rs42.87 and traded at Rs2443.41.

Turning our attention to the international market, a similar trend emerges as the price of gold per ounce climbed by US$4 to hit US$1,911 on Friday.

This sharp increase in gold prices has left both traders and investors closely observing market dynamics. It remains to be seen how this trend will continue and what impact it will have on the market.