The price of gold in Pakistan surged to an all-time high on Thursday after gaining over Rs. 4,500 per tola.
According to data released by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 4,600 per tola, reaching Rs. 254,000, while the price of 10 grams soared by Rs. 3,944 to Rs. 211,591.
The Sarafa Association noted that the price of gold has been kept under cost by Rs. 4,000 due to the reduction in buyers’ purchasing power.
The local market’s gold price jump came as international prices soared to near a record high. The global price surge is mainly due to renewed anticipation of a US interest rate cut.
Spot gold rose 0.5 percent to $2,470.62 per ounce, as of 0641 GMT, while US gold futures also increased by 0.5 percent to $2,473.10.
According to Ryan McIntyre, senior portfolio manager at Sprott Asset Management, decreased interest rates and the upcoming US elections are likely to push gold beyond $2,500.
