Gold prices in Pakistan reached a new high on Thursday as the country’s economic turmoil continued and international rates increased. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that gold prices (24 carats) surged by Rs2,600 per tola and Rs2,229 per 10 grams to reach Rs225,300 and Rs193,158, respectively. The international market price for gold rose by $29 to $2,044 per ounce. Economic fundamentals weakened and inflation reached record highs, leading people to buy gold to protect themselves against inflation and currency depreciation. Additionally, the delay in an agreement with the International Monetary Fund (IMF) for a much-needed economic bailout has bolstered the demand for gold. The Pakistani gold market is currently cheaper than the global market, with gold prices being Rs2,500 per tola "undercost” in Pakistan compared to Dubai. The rate of silver also reached a new high in the country, increasing by Rs120 per tola and Rs102.88 per 10 grams to settle at Rs2,870 and Rs2,460.56, respectively.
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