Gold surges to record Rs287,900 per tola

KARACHI: Gold continued to shine as 10-gram and one-tola rates hit a new all-time high of Rs246,828 and Rs287,900 on Tuesday, up by Rs2,486 and Rs2,900, respectively, day-on-day.

As per All Sindh Saraf and Jewellers Association (ASSJA), an increase of $29 per ounce to $2,784 pushed up domestic rates, which also included a $20 per ounce premium in the global bullion rates which the association had started fixing in daily local rates since last year.

Based on Jan 1 rates of Rs188,357 and Rs219,700, consumers are paying Rs58,471 in 10-gram and Rs68,200 in one-tola, respectively.

The international gold rate rose $702 from $2,082 per prevailing on Jan 1.

Dealers said gold buying may remain a top priority for investors amid rising tension in the Middle East, US elections in November, and declining interest rates in various countries.

Published in Dawn, October 31st, 2024