ISLAMABAD: The increase in international gold rates, coupled with Pakistan’s ongoing economic crises, led to the yellow metal’s value reaching a new high in the country on Thursday.
As per data received from All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of 24 karats of gold surged by Rs2,600 per tola and Rs2,229 per 10 grams to reach Rs225,300 and Rs193,158, respectively.
The gold rates experienced an upward trend in the country for a couple of months, where investors preferred to invest in gold instead of the weaker currency due to alarming inflation.
Another major reason of continues increase in gold prices might be the unprecedented delay in an agreement with the IMF (International Monetary Fund), where the country needs a desperate economic bailout. It is the reason the investors only confine themselves to investing in gold.
Gold Prices in International Market
Like domestic market was influenced by the gold prices in the international market, where its price increased by $29 to settle at $2,044 per ounce.
Data shared by the association showed that silver also rose to a new high in the country. The rate of silver increased by Rs120 per tola and Rs102.88 per 10 grams to settle at Rs2,870 and Rs2,357.68, respectively.
