Gold prices in Pakistan once again recorded a massive increase on Wednesday, following the precious metal’s surge to a historic level in the international market. Yesterday’s rates will remain effective until the announcement of new prices later this afternoon.
According to the report issued by the All Pakistan Sarafa and Jewellers Association, the price of 24-karat gold per tola rose by Rs 8,400, reaching Rs 425,178.
Similarly, the price of 10 grams of 24-karat gold increased by Rs 7,202, bringing the new rate to Rs 364,521.
The report further stated that the price of 10 grams of 22-karat gold also went up by Rs 6,602, setting the new price at Rs 334,156.
In the international market, gold prices increased by $84 per ounce, reaching a record high of $4,039 per ounce.
Regarding the impact of rising gold prices in Pakistan, the Jewellers Association said that gold is no longer being purchased for weddings; jewelry-making has stopped, jewelers have become unemployed, and 50% of jewelry workshops have shut down, as gold is now being bought only by investors in Pakistan.
The Association added that the middle class is investing in silver, while jewelers are the most distressed by the soaring gold prices because their business has come to a standstill.
