Gold prices rise by Rs400 per tola to Rs266,300

KARACHI: Gold prices continued their upward trajectory on Saturday, with a Rs400 increase per tola in the local market, following a rise in international market rates. This latest increase pushed gold prices to an all-time high, both locally and globally.

According to the All Sindh Saraf Jewellers Association, the price of gold reached Rs266,300 per tola in the local market. Similarly, the price of 10-gram gold rose by Rs343, bringing it to Rs228,309.

In the international market, gold prices increased by $11, reaching $2,577 per ounce.

The surge in gold prices is attributed to ongoing global economic uncertainties and rising geopolitical tensions, driving investors to seek safe-haven assets like gold.

Despite the rise in gold prices, silver rates remained unchanged, with silver trading at Rs2,950 per tola, and the price of 10-gram silver standing steady at Rs2,529.14.

Local jewellers reported that the current rates in Pakistan are adjusted by a premium of $20 compared to international prices, which reflects local market dynamics and demand factors. However, demand for gold jewellery remains sluggish, with more buyers leaning towards raw gold as an investment amid a weak purchasing power.

With gold prices hitting record highs, the market continues to see reduced demand for jewellery, while investment in raw gold remains strong due to ongoing economic uncertainty. Analysts expect gold prices to remain on an upward trajectory as long as global tensions persist.