Gold price breaks all-time record in Pakistan, now at Rs281,800 per tola

ISLAMABAD: Gold prices in Pakistan continued their upward climb on Saturday, fuelled by increasing international rates.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola surged by Rs900, hitting an all-time high of Rs281,800. This marks the highest recorded price in the country’s history.

The surge was not limited to Pakistan, as international gold prices also soared to unprecedented levels. On Saturday, global gold rates climbed to a record $2,721 per ounce, reflecting an increase of $9 for the day. This total includes a premium of $20, underscoring the rising demand for the precious metal.

In Pakistan’s local market, the price of 10-gramme gold rose by Rs772, now standing at Rs241,598, according to APGJSA’s data. This follows a significant jump on Friday, when gold prices surged by Rs3,000 to reach Rs280,900 per tola.

Silver prices also saw an upward trend, increasing by Rs50 to settle at Rs3,150 per tola.

What’s behind the surge streak?

Experts are attributing the ongoing rally in gold prices to several global factors. Rising tensions in the Middle East, coupled with uncertainties surrounding the upcoming US elections, have heightened demand for gold as a safe-haven asset.

Additionally, expectations of relaxed monetary policies are fuelling the surge, pushing gold further out of reach for many buyers, especially those with modest means.

As gold continues to climb globally, its affordability remains a growing concern for lower-income groups, both in Pakistan and worldwide.

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