KARACHI: Local gold prices continued their upward trend, reaching a record high of Rs261,000 per tola on Wednesday, following a Rs300 increase from the previous day. The 10-gram rate also hit an all-time high of Rs223,765, marking a rise of Rs257.
The All Sindh Saraf and Jewellers Association (ASSJA) reported higher domestic gold rates despite stable global gold prices, which remained at $2,512 per ounce. Additionally, the rupee-dollar exchange rate showed minimal change.
The escalating gold prices have made it unaffordable for many families, yet the precious metal remains a popular investment choice due to its increasing value since the beginning of the year.
On January 1, the rates for 10 grams and one tola of gold were Rs188,357 and Rs219,700, respectively, based on an international gold price of $2,082 per ounce. Since then, the price of 10 grams has risen by Rs35,408 and one tola by Rs41,300.
Samiullah Tariq, Head of Research and Development at Pak Kuwait Investment Company, noted that gold continues to attract investors in Pakistan as it serves as a hedge against currency fluctuations.
Official gold imports, which were halted from April to June due to a policy change in February, resumed in July with the import of 28 kg valued at $2.2 million.
