In a historic milestone, gold prices in Pakistan skyrocketed to an unprecedented Rs350,000 per tola on Thursday, propelled by a robust rally in international markets, according to local market experts. The surge has captured the attention of investors and consumers alike, as the precious metal continues its upward trajectory.
Gold prices soared to unprecedented heights, with the per tola price surging Rs2,000 to a new record, following Wednesday’s Rs8,600 spike to Rs348,000. Additionally, 10 grams of gold rose Rs1,715, reaching Rs300,068, driven by robust market demand and economic factors, shattering previous benchmarks.
The domestic surge mirrors trends in the global market, where gold prices climbed to $3,329 per ounce, reflecting a $19 daily gain and including a $20 premium, as reported by industry sources. Analysts attribute the international upswing to factors such as geopolitical uncertainties, inflation concerns, and strong demand for safe-haven assets.
Silver, another key precious metal, also saw gains in the local market, rising by Rs59 to reach Rs3,401 per tola. The parallel increase in silver prices underscores the broader bullish sentiment in the commodities market.
Local jewellers and traders noted heightened activity in the market, with investors turning to gold as a hedge against economic volatility. However, the soaring prices have raised concerns among consumers, particularly those planning weddings or purchasing jewellery for cultural events, as affordability takes a hit.
Economic observers suggest that the ongoing rise in gold prices could have wider implications for Pakistan’s economy, potentially influencing inflation and consumer spending patterns. As global market dynamics continue to evolve, all eyes remain on whether gold will maintain its record-breaking momentum in the days ahead.
