The price of gold has climbed to unprecedented levels both in Pakistan and the international market, creating a new record high and further intensifying concerns over inflation and currency fluctuations.
In Pakistan, the precious metal surged sharply, with the All Pakistan Sarafa Gems and Jewellers Association reporting that the price of 24-karat gold per tola jumped by Rs4,700 on Tuesday, taking it to Rs391,000 — the highest ever in the country’s history.
Similarly, the price of 10 grams of 24-karat gold rose by Rs4,030, reaching Rs335,219. The sharp hike in domestic prices has been linked to the continuous devaluation pressure on the rupee and the global upward trend in bullion markets.
The international gold market reflected similar momentum, with the price of gold per ounce rising by $49 to settle at $3,692. Analysts say global investors are increasingly turning to gold as a safe-haven asset amid geopolitical tensions, volatility in oil markets, and uncertainties in the global financial outlook. Central banks in several countries have also reportedly increased their gold reserves, adding further demand pressure.
Alongside gold, silver prices in Pakistan also registered an upward movement. The price of 24-karat silver per tola rose by Rs53, bringing it to Rs4,496, while the price of 10 grams increased to Rs3,854. Jewelers note that the rising silver trend is directly tied to the global surge in precious metals, though its demand base is narrower compared to gold.
The rapid spike in prices has made gold largely unaffordable for the average household in Pakistan, especially for those buying jewelry for weddings and savings. Economists warn that unless the currency stabilizes and global bullion markets ease, prices may continue to stay elevated, further straining consumer purchasing power and the jewelry industry.
