Gold prices in Pakistan climbed to unprecedented levels on Monday, reflecting a strong upward momentum in international markets combined with the depreciation of the Pakistani rupee. Jewelers and market traders noted that these factors have significantly influenced the domestic bullion market, pushing prices to new heights.
The All Pakistan Supreme Jewelers Association reported that the price of 24-karat gold surged by Rs4,643 per tola (11.66 grams), reaching an all-time peak of Rs442,636. Similarly, the cost of 10 grams of gold rose by Rs4,179, settling at Rs378,345. This sharp increase marks a significant milestone in the country’s gold market history.
Market analysts explained that the domestic price hike is closely linked to a global rally in gold prices, where spot gold has recently touched new highs. This surge is attributed to escalating geopolitical tensions and widespread anticipation of interest rate reductions by central banks worldwide. Additionally, local economic challenges, including inflationary pressures and uncertainty, have driven investors to seek refuge in safe-haven assets like gold.
Meanwhile, silver prices remained steady, closing at Rs3,500 per tola, showing resilience despite the volatility in gold prices. The current trend underscores the growing demand for precious metals as a hedge against economic instability both globally and within Pakistan.
