The gold market in Pakistan has witnessed another sharp rise, pushing prices to their highest level in history.
As per the All Pakistan Sarafa Gems and Jewelers Association, the price of 24-karat gold jumped by Rs. 3,700 per tola on Wednesday, reaching Rs. 364,900, compared to Rs. 361,200 a day earlier.
This surge comes after a Rs. 3,600 hike on Monday, with no change on Tuesday, resulting in a cumulative weekly increase of Rs. 7,300 per tola.
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10 grams of 24-karat gold rose by Rs. 3,171 to Rs. 312,842
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10 grams of 22-karat gold increased by Rs. 2,917 to Rs. 286,782
Meanwhile, silver rates also edged higher, with per tola silver up Rs. 46 to Rs. 4,081, and 10 grams silver up Rs. 39 to Rs. 3,498.
In the international market, gold prices surged $37 to $3,424 per ounce, while silver rose $0.46 to $39.34 per ounce.
Market analysts say the rise in global gold prices, economic uncertainty, and demand for safe investments are key reasons behind the ongoing rally.