Gold price hits all-time high of Rs245,100 per tola in Pakistan

Gold prices in Pakistan jumped to an all-time high on Saturday, a year after the precious metal breached the Rs240,000-mark for the first time.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) increased by Rs4,900 per tola and Rs4,200 per 10 grams to reach Rs245,100 and Rs210,134, respectively.

APSGJA President Haji Haroon Rashid confirmed that the yellow metal has broke all previous records.

Rashid said that the surge in prices was because of an increase in pure gold in the international market.

Gold had reached a previous record high of Rs240,000 per tola and Rs205,761 per 10 grams on May 10, 2023. It declined afterwards in line with developments in the international market before rising again.

The prices had witnessed the highest-ever single-day hike of Rs9,900 and Rs8,487 in one-tola and 10-gram rates, respectively.