Gold price soars to an all-time high in Pakistan

Gold price soars to an all-time high in Pakistan on Monday.

As reported, one-tola and 10-gram rates hit a fresh peak of Rs174,900 and Rs149,948 after adding Rs2,200 and Rs1,886 respectively.

According to the All Sindh Saraf Jewellers Association (ASSJA), $3 to $1,796 per ounce of Gold has been increased on the international markets.

The prices of yellow metal are on a constant rise in the country for the past few weeks.

According to ASSJA President Haji Haroon Rasheed, the unavailability of the US dollar in the market, coupled with gold’s price being higher in the grey market than the open market, was increasing yellow metal prices.

“The demand for pure gold has increased in the market and big investors are investing their money in the yellow metal considering it to be safe for their wealth,” he said.

It is feared that if a similar situation persisted then the per tola price for gold could reach Rs200,000.

On the other hand, silver prices have also risen to an all-time high of Rs2,020 per tola and Rs1,731.82 per 10 grams after an increase of Rs40 and Rs34.29, respectively.