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Karachi, Pakistan – In a significant development, gold prices in Pakistan witnessed a massive surge on Friday, with the rate per tola increasing by Rs1,400 to reach a record high of Rs263,500.
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According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of 24-karat gold also saw a substantial increase of Rs1,200, taking it up to Rs225,908.
The upward trend in gold prices in Pakistan mirrors the rise in global markets, where the international price of gold rose by $15 to reach $2,518 per ounce.
In a contrasting move, silver prices in the local market experienced a rare decline, dropping by Rs50 to Rs2,900 per tola.
Industry experts attribute the fluctuating gold prices in Pakistan to the ongoing dynamics of the international market, coupled with domestic factors such as currency exchange rates and demand within the country.
This significant increase in gold prices is likely to impact the local jewelry market, with consumers facing higher prices for gold ornaments and products.