In a significant development, gold prices in Pakistan skyrocketed to new heights reaching Rs314,000 per tola on Friday.
According to details, the gold prices in Pakistan increased exponentially due to high rates of gold in international market.
On Friday, gold prices in Pakistan jumped by Rs4,700 in one day reaching Rs314,000 per tola while the 10 grams of gold also witnessed a significant rise of Rs4,030 reaching Rs269,204.
Furthermore, the silver prices across the country also rose with the price of one tola of silver rising by Rs 90 to Rs 3,530, while the price for 10 grams of silver increased by Rs 77, reaching Rs 3,026.
Meanwhile, in the global bullion market gold prices increased by $27 per ounce, pushing gold to its highest price ever.
Gold prices in Pakistan witnessed a downward trend last month but the it gained a foothold in early March.
Analysts suggested the increasing vulnerability of international economy and US President trade policies as some of the main reasons for gold reaching new prices. Investors return to historically safe investment of gold when market experiences frequent fluctuations.
Earlier this month, price of gold increased to Rs307,000 while the 10 grams of gold price surged by Rs601, with its exact price at Rs263,203.
In late February, , the gold prices reached Rs300,000 per tola in local markets while the price of 10 grams of gold reached Rs257,201.
