The price of gold in Pakistan experienced a significant surge on Thursday, reaching a 6-month high of Rs. 232,400 per tola. This increase was reported by the Karachi Sarafa Association, indicating a rise of Rs. 4,600 per tola for 24-carat gold. Similarly, the price of 10 grams of gold increased by Rs. 3,943, reaching Rs. 199,245.
Also Read: Pakistan’s Gold Price Rises After Successive Drops
The surge in gold prices can be attributed to a record high in the international market, where spot gold rose by 1 percent to $2,208.30 per ounce, hitting an all-time high earlier in the session. Additionally, US gold futures also saw a significant increase of 2.3 percent, reaching $2,211 per ounce.
This rise in gold prices internationally came as the US dollar and bond yields decreased after the Federal Reserve maintained its projection of three rate cuts for the current year. As a result, investors turned to gold as a safe-haven asset, driving up its price in both domestic and international markets.
