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Islamabad, Pakistan – September 17, 2024
In a dramatic surge, gold prices in Pakistan reached an all-time high of Rs. 268,000 per tola on Monday, shattering previous records. This milestone marks the latest development in a tumultuous week for the precious metal.
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According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 24-carat gold prices skyrocketed by Rs. 1,700 per tola, while 10-gram gold prices jumped by Rs. 1,458.
Last week, gold prices experienced unprecedented volatility, initially peaking at Rs. 264,000 per tola on September 11. However, this record was short-lived, as prices continued to climb, reaching Rs. 265,900 on September 13 and Rs. 266,300 on September 14.
The global gold market mirrored this trend, with spot gold prices rising 0.5% to $2,588.29 per ounce and US gold futures increasing 0.2% to $2,615.80 as of 0551 GMT.
Market analysts attribute this surge to various factors, including economic uncertainty, inflation concerns, and increased demand for safe-haven assets.
“This record-breaking price surge underscores the growing appeal of gold as a secure investment option,” said a local jeweler. “We anticipate continued interest in gold, driving prices even higher.”
The development has sent ripples through Pakistan’s jewelry industry, with consumers and investors alike watching the market closely.