Gold prices in Pakistan reached a record high on Thursday, with a rise of more than Rs. 4,500 per tola. According to data from the Karachi Sarafa Association, the price per tola of 24-carat gold increased by Rs. 4,600 to Rs. 254,000. 10 grams now cost Rs. 211,591, an increase of Rs. 3,944. 

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Despite the increase, the Sarafa Association noted that the lower buying power of consumers has kept the gold price at Rs. 4,000 below cost. 

Local gold prices have increased after hitting almost all-time highs in global markets. The likelihood of a US interest rate reduction is mostly to blame for this surge. US gold futures increased by 0.5 percent to $2,473.10, while spot gold increased by 0.5 percent to $2,470.62 per ounce. 

According to Ryan McIntyre of Sprott Asset Management, upcoming US elections combined with reduced interest rates may lift gold prices above $2,500.