Gold prices in Pakistan have hit record levels, following a similar upward trend in the international market. The All Pakistan Gems and Jewellers Association reported that the price of gold per tola rose by Rs2,200, bringing the cost to Rs251,900. Similarly, the price for 10 grams of gold increased by Rs1,887, ending the day at Rs215,964.
Globally, the price of gold reached $2,391 per ounce, showcasing a substantial rise. This global increase has impacted local markets in Pakistan, driving up the cost of gold for consumers.
The previous day, the per tola price of 24-karat gold saw a notable rise of Rs2,400, closing at Rs249,700. The price of 10 grams of gold also increased by Rs2,057, reaching Rs214,077. These consistent price hikes signal the ongoing volatility in the gold market.
These changes in gold prices are closely linked to the value of the US Dollar. When the dollar fluctuates, it directly affects gold prices in both international and local markets. This connection emphasizes the global nature of economic factors and their impact on regional markets like Pakistan.
As gold prices continue to rise, consumers in Pakistan are feeling the effects of this trend. Investors and buyers are keeping a close eye on these price changes to make informed decisions in the market. This situation highlights the interconnectedness of global markets and the influence of economic factors on commodities like gold.
