Rs514 | Pakistan

KARACHI: Amid a continuous rally in world prices, the local 10-gram and one-tola gold rates (24kt) hit a new peak of Rs441,239 and Rs514,662, respectively, showing a jump of Rs7,802 and Rs9,100. International gold price further swelled by $91 per ounce to $4,923 per ounce, rates issued by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) based on interbank exchange rates, revealed. Rising global rates are under pressure as investors pile into the yellow metal as a safe-haven amid ongoing geopolitical tensions and expectations of further US interest rate cuts. A steep rise in domestic rates further fades the hopes of genuine gold jewellery buyers during the ongoing wedding season, as many families are unable to afford gold at Rs514,662 per tola. Jewellers complain about the thin presence of buyers in the markets while investors continue to hunt for the precious metal. Investors must be upbeat as 10-gram and one-tola gold rates have surged by Rs206,671 and Rs241,062, respectively, if compared with the...