Gold Price in Pakistan Surges to Record High, International Prices Also Hit All-Time High

The price of gold in Pakistan set a new record on Tuesday after international prices soared. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 700 per tola to hit Rs. 260,700, while the price of 10 grams was up by Rs. 600 to Rs. 223,508. The Sarafa Association said that the price of gold in the local market has been kept Rs. 4,000 per tola below its actual cost. If the discount was not offered, the price of gold would have touched the Rs. 265,000 per tola mark. In the international market, spot gold surged 0.7 percent to $2,522.25 per ounce by 1014 GMT. The London Bullion Market Association (LBMA) said that London’s gold price benchmark hit an all-time high of $2,521.55 per ounce at a morning auction today.