Gold price shoots to an all-time high in Pakistan

Gold price shoots to an all-time high in Pakistan on Friday.

With a fresh increment of Rs750 per tola, the price of 24-K gold in Pakistan soared to an all-time high of Rs163,500.

The development comes in line with the constant surge in international prices.

As per the data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price for 24-karat gold has reached Rs163,500 per tola.

While the price of 10-gram gold has also surged by Rs643.

With this increase, the price of 24-karat gold per 10-gram has reached Rs140,175.

The price of 22-karat gold per 10-gram has reached Rs128,494.

On the other hand, the price of 24-karat fine silver also increased by Rs10 to Rs1,780 and the price of 10-gram silver increased by Rs8.58 to Rs1,526.06.

Meanwhile, in the international market, the price of gold per ounce increased by US$19 to reach US$1,799.

Regarded as safe-haven, bullion was still bound for a second straight weekly gain on expectations of a moderation in the pace of US rate hikes.

As reported, the gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.

Gold is once again attracting safe-haven investment as  people usually take positions in gold during inflationary times and at present inflation is the largest challenge in Pakistan.