KARACHI: Pakistani gold prices hit a new peak today. Gold per tola had increased by Rs 10,700.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) also confirmed the intense surge.
They added that the rise set the new price of 24-karat gold per tola at Rs 454,262.
The boom in the domestic market also reflected an international increase in gold prices.
The gold rate in the international market increased by 107 dollars per ounce.
The changes in the prices caused a great impact on the Pakistani market.
In turn, the quantity of ten grams of gold also increased greatly. The new price reached Rs. 389,456, reflecting a gain of Rs9,174.
Enhanced Drift of Investing in Gold
There are a number of factors that drive this ever-growing trend. Gold is a haven in uncertain markets.
Moreover, the fluctuations of the Pakistani rupee against the US Dollar also affect the cost of imports.
Thus, a devalued Rupee renders the imported commodity very costly in the domestic market.
Prices of silver were in line with those of gold. The price per tola increased by Rs232 as high as Rs6,684.
Analysts believe that gold and silver will continue to be volatile. They recommend that investors monitor the international rates.
This fast growth underscores the application of gold as an inflation hedge.
Bridal jewellery and investment jewellery might also become expensive to consumers.
Also Read: Gold Prices on Fire in Pakistan
