Gold is trading at its highest level as bullion prices surged by Rs250 per tola on Wednesday, according to data compiled by the All Sindh Saraf and Jewellers Association.
A tola of gold is now worth Rs68,150. This is the highest rate for the precious metal, breaching the previous high of Rs68,000 of December, 2018.
The price of gold increased for the sixth consecutive day, making it Rs1,050 more expensive than its price on February 5.
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 market forces of demand and supply.
Last year, gold prices increased by 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 an eight-month high in the international market. When this report went online, gold futures were trading at $1,316 per ounce in the international market.