Gold prices in Pakistan witnessed a dramatic surge on Saturday as the precious yellow metal climbed to an all-time high in the local bullion market. This sharp rise was largely influenced by the international market’s bullish trend, coupled with the persistent depreciation of the Pakistani rupee against the US dollar.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola skyrocketed by Rs3,600, closing at an unprecedented level of Rs167,400. This marked one of the steepest daily increases in recent weeks, reflecting both global and domestic economic pressures.
Traders and jewellers observed that the sharp upward movement was primarily tied to the rise in international bullion rates, but they also pointed to the rupee’s weakness against the dollar, which has amplified the cost of imported commodities, including gold.
In the domestic market, the increase was not limited to per tola rates. The price of 10 grams of 24-karat gold also recorded a significant jump of Rs3,172, bringing the new rate to Rs143,486. Meanwhile, the 10-gram price of 22-karat gold, which is commonly bought by middle-income buyers, settled at Rs131,538.
The consistent escalation in prices has begun to create concerns among small-scale buyers and jewellers, as higher costs often discourage purchasing activity in the retail market.
The surge was not confined to local trading alone; it was also mirrored in the international market. On the global stage, gold prices increased by $36 per ounce, reaching $1,947. Analysts attributed this rise to a range of factors, including persistent global economic uncertainties, a weaker dollar index, and a shift of investor sentiment toward safe-haven assets like gold. As inflationary concerns and geopolitical risks weigh on markets, bullion has once again regained its shine as a secure investment option.
Silver also experienced upward momentum alongside gold. In Pakistan, the per tola price of silver rose by Rs81, reaching Rs4,202. Similarly, the price for 10 grams of silver climbed to Rs3,602. Internationally, silver gained $0.81 per ounce, trading at $23.69. Market experts noted that the parallel rise of silver and gold indicates a broader trend of increased demand for precious metals as protective investments.
The significant surge in both gold and silver rates underlines the impact of global market trends and domestic currency weakness on Pakistan’s bullion trade. While investors may see this as a golden opportunity, ordinary consumers and jewellers are increasingly burdened by the record-high prices.
