KARACHI – Gold prices soared to an all-time high in Pakistan’s domestic market on Thursday, driven by a significant upward trend in the international market.
According to data released by the All Pakistan Gems and Jewellers Association, the price of gold per tola surged by Rs 4,600, reaching a record high of Rs 254,000. Additionally, the price of 10 grams of gold increased by Rs 3,944, closing at Rs 217,764 in the local market.
On the international front, gold witnessed substantial gains as well, with the price per ounce rising by $60 to settle at $2,470. This international surge in gold prices has had a direct impact on the domestic market, contributing to the unprecedented rise.
In contrast, silver prices remained stable in the local market, holding steady at Rs2,900 per tola.
In a parallel development, Fitch Solutions issued a concerning forecast for the Pakistani economy. The financial analytics firm predicted that the Pakistani rupee would depreciate further, potentially reaching Rs290 per US dollar by the end of the current year and Rs310 by 2025. These projections were outlined in Fitch Solutions’ latest Pakistan Country Risk Report, which emphasized the precarious state of the nation’s economy. The report highlighted that ongoing political unrest could pose significant challenges to economic recovery and stability.
The dramatic increase in gold prices and the bleak economic outlook underscore the volatility facing Pakistan’s financial markets. The surge in gold prices can be attributed to both local economic conditions and global market trends, reflecting broader economic uncertainties.
As the situation evolves, stakeholders and investors are advised to monitor these developments closely. The rise in gold prices, while beneficial for investors holding the precious metal, signals underlying economic challenges that require careful attention and strategic planning to mitigate potential adverse impacts on the broader economy.
