Gold prices in Pakistan hit record highs amid global surge

KARACHI: Gold prices in Pakistan reached an all-time high today, marking the second consecutive day of sharp increases amid rising global bullion prices and strong local demand.

According to sources in the bullion market, the price of gold per tola surged by Rs 4,300, pushing it to a new peak of Rs 486,162. The price of 10 grams of gold also saw a significant rise, climbing by Rs 3,687 to reach Rs 416,805.

The surge in local gold prices follows a notable increase on the previous day, when gold prices rose by Rs 900 per tola. This upward momentum mirrors the rise in international gold prices, with global rates also experiencing a boost. The price of gold per ounce in the international market rose by $43, reaching $4,638.

Along with gold, the price of silver in Pakistan has also reached its highest level. The price of silver per tola increased by Rs 500, bringing it to Rs 9,575.

Market analysts attribute the continued rise in gold prices to a combination of factors, including the global increase in gold prices, volatility in the international economy, and a weakened local currency. Additionally, investors’ preference for gold as a safe-haven asset amid economic uncertainty has further fueled demand.

Despite the record-high prices, the gold market has seen strong activity, although experts caution that these rising prices could dampen buying enthusiasm, particularly among consumers planning to purchase gold for weddings and other special events. Jewelers have expressed concern that high prices may affect sales in the short term, as buyers may opt to delay their purchases.

As the market remains volatile, experts are advising consumers and investors to closely monitor trends and exercise caution before making any major purchases.