After a slight rise on Friday, the price of gold in Pakistan witnessed a massive increase on Saturday, reaching an all-time historic high.
According to data provided by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola increased by Rs2,500, settling at Rs260,200.
The price of 10 grams of 24-karat gold also saw a huge increase, rising by Rs2,144 to stand at Rs223,080.
Also Read: Price of gold in Pakistan sees slight increase
Internationally, the gold price also faced a huge upward trend. The rate per ounce increased by $46, taking it up to $2,507.
The silver rates in the local market also saw a rising trend, with the price per tola increasing by another Rs50 to Rs2,950.
The previous all-time high rate of gold was reported on July 18, when the yellow metal experienced a massive rise after a two-day Ashura break.
Dealers said at the time gold had 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 that the price of 24-karat gold per tola increased by Rs4,600, bringing it to a historic Rs254,000.
