For the first time in history, gold prices in Pakistan have crossed the Rs300,000 per tola mark, reflecting trends in the international market. On Friday, the price of 24-karat gold per tola increased by Rs1,346, reaching an all-time high of Rs300,046, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Similarly, the price of 10 grams of 24-karat gold witnessed a Rs1,154 hike, bringing it to Rs257,241.
Global Market Influence
Gold prices in global markets also experienced an upward trend. On Friday, the international gold price rose by $10 per ounce, reaching $2,869, with an additional premium of $20. The rise in global gold prices has been a key driver of the historic surge in local markets.
Silver Prices Also on the Rise
The price of 24-karat silver in the local market also saw a significant increase, surging by Rs51 to Rs3,378 per tola.
What’s Driving the Surge?
The increase in gold prices is driven by several factors:
- International Market Trends: A rise in global gold prices directly impacts local rates.
- Economic Uncertainty: Investors often turn to gold as a safe-haven asset during economic instability.
- Inflation & Currency Fluctuations: The depreciation of the Pakistani rupee against the US dollar contributes to rising local gold prices.
Conclusion
With gold prices hitting historic highs, market analysts expect continued volatility in the precious metals market. The record-breaking surge highlights the impact of global market trends on Pakistan’s economy and the growing demand for gold as an investment.
