Gold Price in Pakistan Hits All-Time High as International Prices Soar

The price of gold in Pakistan surged to an all-time high on Thursday after gaining over Rs. 4,500 per tola. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 4,600 per tola to Rs. 254,000, while the price of 10 grams soared by Rs. 3,944 to Rs. 211,591. The Sarafa Association said that the price of gold has been kept under cost by Rs. 4,000 due to the reduction in purchasing power of the buyers. The jump in gold prices in the local market came as international prices soared to near a record high. The surge in global prices is mainly due to renewed anticipation of a US interest rate cut. Spot gold rose 0.5 percent to $2,470.62 per ounce, as of 0641 GMT, while the US gold futures also went up by 0.5 percent to $2,473.10. According to Ryan McIntyre, senior portfolio manager at Sprott Asset Management, decreased interest rates and upcoming US elections are likely to push gold beyond $2,500.