Gold rate in Pakistan hit a new peak on Saturday in line with its record increase in the international rate. The yellow metal was priced Rs245,100 per tola after a single-day gain of Rs4,900.

The 10-gram gold was sold at Rs210,134 after an increase of Rs4,200, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Friday, gold price in Pakistan had decreased by Rs900 per tola.

With the latest increase, gold price per tola in the local market reached an all-time high, surpassing Rs242,700 per tola rate witnessed in September, 2023, according to the APGJSA.

“This is the highest ever rate of gold in Pakistan, which is mainly due to the increase in the international rate,” said Abdullah Abdul Razzak Chand, vice president of APGJSA.

However, Abdullah said the increase in gold price was cause of a concern for the local dealers and jewellers.

“Customers are already lower in Ramzan and this record surge will aggravate the situation,” he said.

“High gold prices may also affect jewellery sales during the upcoming wedding season, which will commence just after Eid-ul-Fitr as demand for the yellow metal will remain tepid due to high rates.”

The international market heated up on US Fed rate cut buzz.

With a premium of $20, the international rate of gold on Saturday was set at record $2,350 per ounce, after a gain of $44 in the international market, APGJSA said.

Meanwhile, silver rates increased by Rs40 to Rs2,650 per tola.