Gold prices in Pakistan hit record high, again!

KARACHI: Gold prices in the country have climbed to their highest level in history, triggering concern among jewelry buyers and general consumers alike.

According to the Sarafa Bazaar Association, the price of gold per tola has surged by a massive Rs 7,700, pushing the new rate to Rs 480,962 per tola. This sharp increase reflects both rising global gold prices and ongoing volatility in the local market.

Similarly, the price of gold per 10 grams has risen by Rs 6,602, taking the new rate to Rs 412,347.

Market analysts attribute the extraordinary rise in gold prices to fluctuations in the international bullion market, a weaker local currency, and broader economic uncertainty. Gold is traditionally seen as a safe-haven asset, and increased demand during uncertain economic conditions often drives prices upward.

The steep hike has raised alarm among consumers, particularly those planning to purchase gold jewelry for weddings and other events. Jewelers report that higher prices may dampen demand in the short term, as buyers adopt a wait-and-see approach.

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