Gold price rises to new record high above Rs415,000 per tola in Pakistan

KARACHI: Gold prices in Pakistan touched another historic high on Monday, climbing to Rs415,278 per tola in line with a sharp rally in international markets. The surge has kept both investors and ordinary buyers on edge as the precious metal shows no signs of slowing down.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local gold market saw a jump of Rs5,400 in a single day, while the price of 10 grammes gold rose by Rs4,629 to Rs356,033.

On Saturday, gold had already closed at Rs409,878 per tola after gaining Rs2,100, marking the continuation of a bullish streak that has been building momentum for weeks.

Silver also followed the trend, with its price increasing by Rs53 per tola to Rs4,949.

International surge fuels local prices

The spike in Pakistan mirrors developments in the international market, where gold smashed through the $3,900-per-ounce mark for the first time in history. Spot gold climbed as high as $3,949.34 per ounce during early Monday trade, before settling around $3,942.59. US gold futures for December delivery also rose 1.5 percent to $3,967.10.

Analysts say global investors are rushing to gold as a safe haven amid a partial US government shutdown, a weaker yen, and mounting expectations that the Federal Reserve may cut interest rates further.

“Appetite for gold remains heavily stimulated by the ongoing US government shutdown,” said Lukman Otunuga, a senior research analyst at FXTM. Independent market watcher Ross Norman added that while some investors may feel they have already missed the rally, others continue to buy on fears of worsening uncertainty.

Gold has already gained nearly 50 percent this year, fuelled by strong central bank purchases, rising demand for gold-backed exchange-traded funds, and concerns over global trade and geopolitical tensions.

A week of record highs

The past week has been particularly volatile for Pakistani gold prices. On September 29, the rate was Rs403,600 per tola, and by October 1 it had jumped to Rs410,278.

After dipping slightly on October 2 and remaining unchanged on October 3, prices resumed their climb on October 4, closing the week at Rs409,878. Monday’s record high has now taken the surge to new levels, reflecting the strength of the global rally.

For many in Pakistan, the rising cost of gold brings mixed emotions. While investors see opportunity in the safe-haven metal, ordinary buyers, especially those planning weddings or savings, find themselves priced out. With global uncertainty still looming large, few expect relief any time soon.

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