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Karachi, Pakistan – In a significant development, the price of 24 karat gold in Pakistan has increased by Rs 200 per tola, reaching a record high of Rs 262,000. This surge in gold prices has been reported by All Sindh Sarafa Jewellers Association.
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The association’s data reveals that the price of 10 grams of 24-karat gold has also risen by Rs 172, settling at Rs 224,623. Similarly, the price of 10 grams of 22-karat gold has increased, reaching Rs 205,904.
In contrast, silver prices have remained stable, with the cost of per tola and 10 grams of silver holding steady at Rs 2,950 and Rs 2,529.14, respectively.
Globally, gold prices have witnessed a decline of $12, slipping to $2,492 from the previous rate of $2,504. This decline in global gold prices has not impacted the rising trend in Pakistan, where gold continues to be a highly sought-after precious metal.
The increase in gold prices in Pakistan is likely to impact the jewelry industry, with consumers expected to bear the brunt of the price hike. However, industry experts predict that the demand for gold will remain strong, driven by its allure and perceived value as a safe-haven asset.
The development comes as the Pakistani rupee continues to face pressure against the US dollar, leading to a surge in prices of imported goods, including gold. The rising gold prices are expected to have a ripple effect on the economy, with implications for inflation and consumer spending.
Overall, the surge in gold prices in Pakistan reflects the complex dynamics of the global gold market, where prices are influenced by a range of factors, including currency fluctuations, economic trends, and investor sentiment.