Gold Price in Pakistan Hits Another Record High as International Prices Rise

The price of gold in Pakistan continued its record-breaking run on Friday to climb to a new all-time high. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) saw an increase of Rs. 2,400 per tola to hit Rs. 257,300, while the price of 10 grams was up by Rs. 2,057 to Rs. 220,593. Yesterday’s rate of Rs. 254,900 per tola was a new all-time high surpassing the previous high of Rs. 254,000 recorded on July 18. In the international market, spot gold rose 0.7 percent to $2,463.45 per ounce, as of 0915 GMT, just $22 shy of the record high of $2,483.60 on July 17. It is pertinent to mention here that the Sarafa Association was keeping gold under cost compared to international prices due to the reduction in purchasing power of the buyers in recent weeks. However, the association has ended the discount which has seen gold price hit record high despite international prices being slightly lower than the record peak.