Gold Prices Soar Rs5,200 to New High in Pakistan

The price of gold in Pakistan saw a significant increase on Friday, according to the All Pakistan Sarafa Gems and Jewellers Association. The price of 24-karat gold rose by Rs5,200 to Rs477,136 per tola, while 24-karat gold for 10 grams increased by Rs4,458 to Rs409,067.

The prices were based on interbank exchange rates, with purity set at 999 for 24-karat gold. In the international market, gold was quoted at $4,547 per ounce, up by $52 from the previous session. The association also reported an increase in the price of silver, with 24-karat silver rising by Rs210 to Rs7,379.

The sharp rise in gold prices comes as the global economy faces economic uncertainty and inflation concerns. As a result, investors are turning to safe-haven assets like gold to mitigate risk.