Gold price reaches record high of PKR 257,300 in Pakistan

The price of gold reached a record high of PKR 257,300 in Pakistan on Friday, in line with the change in its international rate.

Data shared by the All Sindh Saraf Jewellers Association showed that the price of 24-karat gold increased by PKR 2,400 per tola compared to a day earlier.

Since January, the price of the yellow metal has gone up by 17% in Pakistan.

Meanwhile, the international rate increased by $26 to reach $2,458 per ounce, which is also an all-time high.

The increase comes amid investor expectations that the United States’ central bank will cut interest rates, making gold a more attractive investment option than the US dollar.

It also went up because of the gold-buying spree of China and Russia’s central banks.