On Thursday, the price of gold increased by 1.4 per cent to break the Rs166,000 per tola barrier as it proceeded to set new milestones.
According to figures provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold increased by Rs2,250 per tola and Rs1,929 per 10 grams to settle at record highs of Rs166,400 and Rs142,661.
A day earlier, the price of gold reached a record high of Rs164,150 per tola as investors sought safety in the safe-haven metal amid growing worries about the nation’s economic situation getting worse.
In the meantime, domestic silver prices held steady at an all-time high of Rs1,860 per tola and Rs1,594.65 per 10 grams.
As the precious metal often reflects world prices, which have been under pressure this year as a result of the US Federal Reserve’s aggressive tightening efforts, the gold surge is particularly notable.
The price of gold increased by $10 per ounce on the global market, reaching $1,784.
The country’s gold prices were reaching new highs, but gold traders regret that the lucrative nature of the industry had vanished.
Here, only investors are purchasing gold. In contrast, artificial jewellery is being used during weddings and other rituals.
