Gold price hits record high in Pakistan, rises by Rs5,500 per tola

The price of gold in Pakistan surged once again on Sunday, maintaining its position at a historic high amid continued gains in the international market.

According to the All Pakistan Gems and Jewellers Association, the price of gold increased by Rs5,500 per tola, reaching Rs428,200. Similarly, the price of 10 grams of gold rose by Rs4,715 to Rs367,112.

The surge in local gold prices follows a significant rise in the international market, where the yellow metal’s rate increased by $55, settling at $4,071 per ounce.

Jewellers attribute the steady increase to global economic uncertainty, fluctuating currency exchange rates, and a rise in safe-haven investment demand.

Gold prices in Pakistan have been on an upward trajectory for several weeks, driven by volatility in the international market and the persistent depreciation of the Pakistani rupee.