ISLAMABAD: Gold prices in Pakistan continued their record-breaking streak on Wednesday, with the price of 24-karat gold per tola rising by a staggering Rs8,600 in a single day to reach an all-time high of Rs348,000. This significant increase reflects both local demand trends and the global market surge.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold also witnessed a sharp rise, climbing by Rs7,373 to reach Rs298,353. The sharp uptick comes on the heels of a smaller increase on Tuesday, when gold per tola had already gained Rs600 to close at Rs339,400.
The upward trend was not limited to the domestic market. Internationally, gold prices also surged to a historic high, with the global rate reaching $3,310 per ounce. This includes a $20 premium and represents a daily gain of $86. The global rally in gold is attributed to rising economic uncertainty, geopolitical tensions, and increased investor interest in safe-haven assets.
Jewellers and analysts suggest that local prices are being driven by a combination of factors — the international market surge, currency fluctuations, and continued inflationary pressures within Pakistan. Buyers and investors are increasingly turning to gold as a store of value, particularly amid fears of economic instability.
Meanwhile, silver prices also followed suit with an upward movement. The price of silver per tola increased by Rs63, settling at Rs3,460 on Wednesday, adding to the precious metals' bullish momentum.
Market experts warn that if current trends continue, both gold and silver prices could see further gains in the coming weeks. However, the surge has also raised concerns for consumers, especially those planning weddings or major purchases, as affordability continues to decline.
With gold hitting fresh peaks, all eyes remain on the international markets and the local rupee-dollar exchange rate, both of which will continue to play a critical role in determining future price movements.
