Gold prices in Pakistan surge again

KARACHI:  Gold prices in the local market jumped sharply on Tuesday, dealing another blow to jewellery buyers and investors amid global financial uncertainty.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold rose by Rs2,100 per tola, reaching Rs349,200. Meanwhile, the price of 10 grams of gold climbed by Rs1,800, now being sold at Rs299,382.

The increasing gold prices in the local market mirrors the trend in international markets, where the price of gold surged by $21 per ounce, reaching $3,310.

Earlier on Monday, the price of 24-carat gold per tola had dropped by Rs1,600, bringing it down to Rs347,100.

Similarly, the price of 10 grams of 24-carat gold had fallen by Rs1,368 to settle at Rs297,582, while 10 grams of 22-carat gold was sold for Rs272,784.

Meanwhile, the prices of silver remained unchanged, with the rate per tola recorded at Rs3,497 and 10 grams at Rs2,997.

It is worth mentioning that on April 25, the gold prices per tola had decreased by Rs3,300 to Rs348,700. Similarly, the price of 10 grams of 24-carat gold had dropped by Rs2,833 to Rs298,950, while 10 grams of 22-carat gold was recorded at Rs274,047 after a decrease of Rs2,597.

Earlier, on April 23, the per tola price of 24-carat gold had dropped by Rs11,700 to settle at Rs352,000.

Despite the regional developments in the aftermath of Pahalgam incident, experts and jewellers in Pakistan have attributed the recent volatility in gold prices primarily to the global market situation.

Experts attributed the sustained upward trend to global financial instability, which is driving investors towards safe-haven assets like gold.

Market sources warned that if the current conditions persist, gold prices may continue to rise in the coming days, increasing the financial burden on ordinary consumers.