Gold prices in the country have been hitting a new high almost every day for the last few days. They saw their biggest jump of the year on Wednesday when a tola became Rs1,000 more expensive in one day.
The precious metal is now trading at Rs69,600 per tola, its highest level ever in the country. In the last three trading sessions, the bullion price kept breaching previous highs and increased by Rs1,450.
The last time gold increased by Rs1,000 in a day was on December 27, according to data compiled by the All Sindh Saraf and Jewellers Association.
The price of gold has been on the rise this month. In just two weeks, the price of a tola has increased by Rs2,500. The prices compiled by the ASSJA come with a lag of a day after changes in international prices. Pakistani traders adjust gold prices based on price movements in the international market and fluctuation in the dollar rates as well as the market forces of demand and supply.
Last year, gold prices increased 20%, according to data compiled by the Pakistan Bureau of Statistics. This rise in gold prices is in line with international trend as gold prices have reached a nine-month high in the international market. When this report went online, gold futures were trading at $1,342 per ounce in the international market.