The price of gold in Pakistan has reached an all-time high, as it experienced a massive rise after the market reopened after a two-day Ashura break.
Dealers say gold has become expensive due to the possibility of the US central bank slashing interest rates, while another reason attributed to this historic rise is the influence of Donald Trump's possible victory in the US elections.
The All-Pakistan Gems and Jewellers Sarafa Association reported on Thursday that the price of 24-karat gold per tola increased by Rs4,600, bringing it to a historic Rs254,000.
The price of 10-gram 24-karat gold also experienced an upward trend, rising by Rs3,944 to reach Rs217,764.
The price of 10 grammes of 22-karat gold on Thursday was Rs199,617.
The international gold market also showed an increasing trend. According to APGJSA, the global rate stood at $2,470 per ounce, marking a $60 increase on Thursday.
Silver prices in the local market, however, remained stable at Rs2,900 per tola.
Market analysts attribute the rise in gold prices to various factors, including fluctuations in the international market, currency exchange rates, and economic conditions. The continued increase in gold prices may influence investment decisions and consumer behaviour in the coming days.
