Gold prices in Pakistan surged by Rs2,100 per tola to Rs349,200 on Tuesday, mirroring global market trends, according to the All-Pakistan Gems and Jewellers Sarafa Association. The increase follows Monday’s volatility, when prices dipped by Rs1,600, closing at Rs347,100, reflecting a robust rebound in demand.
The price for 10 grams of gold also saw a significant hike, rising by Rs1,800 to settle at Rs299,382. Gold prices in Dubai surged to Dh328.5 per gram, reflecting rising global demand and economic factors boosting the precious metal’s value locally and internationally. Globally, gold reached $3,310 per ounce, including a $20 premium, marking a $21 spike in a single day, according to APGJSA data.
Analysts attribute the surge to a combination of geopolitical uncertainties, inflationary pressures, and a weakening currency in several markets, which have bolstered gold’s appeal as a safe-haven asset. Investors worldwide are increasingly turning to gold to hedge against economic instability, fueling the price rally. In Pakistan, the rising costs are also influenced by fluctuations in the rupee’s value and import dynamics, which play a critical role in shaping local market trends.
Interestingly, silver prices remained stable, holding firm at Rs3,497 per tola. This contrast highlights gold’s unique position as a preferred investment during turbulent times, while silver maintains a steady course.
The recent volatility in gold prices has sparked discussions among traders and consumers alike. Jewelers in major cities like Karachi and Lahore report heightened interest in gold purchases, despite the elevated costs, as buyers seek to secure their wealth. However, some caution that the rapid price swings could deter smaller investors, potentially impacting demand in the coming weeks.
As global economic conditions remain unpredictable, market watchers anticipate continued fluctuations in gold prices. For now, the precious metal’s allure remains strong, captivating investors and shaping market dynamics in Pakistan and beyond. The APGJSA continues to monitor trends closely, providing critical insights for stakeholders navigating this golden wave.
