Gold prices in Pakistan hit new record high for second consecutive day

KARACHI: Gold prices in the country continued their upward trajectory for the second consecutive day on Tuesday, reaching fresh record levels amid rising global bullion rates and strong local demand.

According to bullion market sources, the price of gold per tola increased by Rs 900, taking it to Rs 481,862 per tola. Similarly, the price of 10 grams of gold rose by Rs 771 to Rs 413,118.

Traders said the latest increase follows a sharp surge recorded a day earlier, when gold prices jumped to the highest level in the country’s history. On Monday, the price of gold per tola had surged by Rs 7,700 to settle at Rs 480,962, while the rate of 10 grams climbed by Rs 6,602 to Rs 412,347.

Market analysts attribute the sustained rise in gold prices to an increase in international bullion rates, continued volatility in the global economy, and strong domestic demand. A weaker local currency and investor preference for gold as a safe-haven asset have also contributed to the price surge.

The continuous increase has raised concerns among consumers, particularly those planning to purchase gold for weddings and other ceremonies. Jewelers say that persistently high prices could dampen buying activity in the short term, as customers remain cautious.

Experts warn that gold prices may remain volatile in the coming days and advise consumers and investors to closely monitor market trends before making purchasing decisions.