Gold Prices Hit Record High in Pakistan Amid Global Economic Concerns
Islamabad – Gold prices in Pakistan surged by Rs10,000 per tola on Friday, reaching an unprecedented Rs338,800 per tola, setting a new all-time high. This significant increase follows a Rs7,800 rise the previous day, reflecting a sharp upward trend in the precious metal’s value.
Key Highlights:
- Current Rates:
- Gold: Rs338,800 per tola
- 10-gram gold: Rs290,466
- Silver: Steady at Rs3,234 per tola
- International Market:
- Gold prices climbed nearly 2%, surpassing $3,200 per ounce.
- The increase is attributed to a weaker US dollar and escalating global recession fears.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reports that the international gold rate reached $3,218 per ounce, with a $20 premium, marking a $100 increase in a single day.
Implications:
This surge in gold prices is likely to impact consumers and investors, especially in a country where gold is a traditional investment and a staple in weddings and cultural ceremonies.
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