Gold price in Pakistan hit an all-time high as it saw a massive surge after the market reopened after the two-day Ashura break.
Dealers say that gold has risen due to the possibility that the US central bank will cut interest rates, while another reason attributed to this historic increase is the impact of a possible victory of Donald Trump in the US elections.
The All-Pakistan Gems and Jewelers Sarafa Association on Monday announced that the price of 24 carat gold rose by Rs 4,600 per tola to reach a historic Rs 254,000.
The price of 10 gram 24 carat gold also saw an upward trend, rising by Rs 3,944 to reach Rs 217,764.
The price of 10 grams of 22 carat gold on Thursday was Rs 199,617.
The international gold market also showed an upward trend. The global rate stood at $2,470 an ounce, down $60 on Monday, according to APGJSA.
However, silver prices in the local market remained steady at Rs 2,900 per tola.
Market analysts attribute the rise in gold prices to various factors, including international market fluctuations, exchange rates and economic conditions. The continued rise in gold prices may influence investment decisions and consumer behavior in the coming days.
