KARACHI: Gold prices in Pakistan are at an all-time high due to an extended uptick in a global market trend. Per the All Pakistan Sarafa Gems and Jewellers Association, 24-carat gold has increased by Rs 8,100 for a tola, to Rs 357,800.
The price for 10 grams of gold has increased by Rs 6,366, bringing it to Rs 281,202. There has been a dramatic price increase driven by the unpredictable nature of the gold market across the globe; the price for gold per ounce has risen by $69 to $3,395.
The price of silver has also noticeably increased in the local silver market, where the price of a tola of 24-carat silver has increased by Rs 24 to Rs 3,441, and additionally, the price of 10 grams of silver increased by Rs 21 to Rs 2,950.
The price of silver has also increased globally by $0.22 to $32.77. Analysts believe that the increase in gold prices is due to increased global demand for safe-haven investment assets, and with investors fleeing to precious metals, volatility is expected to continue.
The ramifications of an increase in price will be felt locally, and analysts are cautioning investors to be diligent as precious metals are still driven by global economic conditions. Volatility of these prices is expected to continue.
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