Gold Price in Pakistan is Close to Breaking the All-Time High Record

The price of gold in Pakistan surged past the Rs. 250,000 per tola mark on Monday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 2,300 per tola to Rs. 250,400, while the price of 10 grams went up by Rs. 1,972 to Rs. 214,678. The Sarafa Association said in a brief statement that the price of gold has been kept under cost by Rs. 4,000 considering the significant reduction in purchasing power of the public. Last week the price of gold in the local market went up by Rs. 4,600 per tola due to an increase in the international prices. In the international market, gold prices touched a record high today as recent economic data hinted at potential interest rate cuts by the US Federal Reserve. Spot gold went up by 1 percent to $2,438.41 per ounce, as of 0852 GMT, while the US gold futures also jumped 1 percent to $2,442.50.