Gold rises further in Pakistan

October 21, 2024 (MLN): Gold price in Pakistan rose to another record on Monday, with 24-karat gold being sold at Rs282,300 per tola, up Rs500.

Globally, spot gold surged to a fresh record near $2,728 an ounce as safe haven demand continue to support prices amid concerns over escalating conflicts in the Middle East and a tight US election race.

The yellow metal is up more than 32% so far this year, beating 2007’s 31% rise in prices, and the largest gain since 1979 when it rose 127%.

Locally, it is up Rs62,300 per tola or 28%.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs242,027 per 10-gram, up Rs429.

Similarly, the price of 22-karat gold was quoted higher at Rs221,858 per 10-gram.

The bullish sentiment has also spilled over to silver, which has surged to the highest level since 2012 in the international market.

Locally, 24-karat silver is being sold at Rs3,150 per tola and Rs2,701 per 10-gram. The metal is up Rs470 per tola or 17.5% so far this year.

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