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Gold prices soar to record high

Gold prices in Pakistan have increased to Rs 550 per tola, an all-time high price in the local market on Saturday.

From Jan 1, 2019, till yesterday this year, one tola and 10g gold price swell by Rs23,000/- and Rs19,718/- reportedly.

This increasr in gold rate has breached the previous peak of Rs90,150 and Rs77,289 achieved in August 2019 based on the world gold price of $1,546 per ounce.

The gold rates in the market were revised twice on Saturday.

In the international market, the bullion rates were reported to rise from $1 to $1,552/ounce.

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In the first revision, bullion prices rose to Rs90,200/- tola. While in the second revision the prices went up by another Rs600 to close the market at Rs90,800/- tola, according to All Sindh Saraf Jewellers Association.

Similarly, the rate of 10 grams’ gold moved up Rs472 to Rs77,332/-, while in the second revision gold rate went up by Rs42 to close at Rs77,846/-.

As being reported, the prices in the local market remained Rs1,500/tola lower, compared with the rates in the Dubai gold market.

According to experts, the gold rates in the market fluctuated heavily due to tensions between Iran and the US over the killing of Iranian General.

Saman Siddiqui

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