KARACHI: Gold prices in Pakistan have shattered yet another ceiling, climbing to an all-time high of Rs319,000 per tola on March 19, 2025, as the precious metal’s record-breaking streak shows no signs of slowing. The surge, driven by global market trends and local economic pressures, has left buyers and investors reeling.
According to the All Sindh Saraf Jewellers Association, the price of 24-carat gold per tola—a traditional unit equivalent to 11.66 grams—jumped by Rs2,500 in a single day, reflecting a relentless upward trajectory. Meanwhile, 10 grams of gold hit Rs273,473, up Rs2,143. On the international front, spot gold rose 1% to $2,688.95 per ounce, bolstered by a weakening U.S. dollar and safe-haven demand amid geopolitical tensions.
Local jewellers attribute the spike to a mix of factors: soaring import costs due to the Pakistani rupee’s depreciation, inflationary pressures, and a rush to gold as a hedge against uncertainty. “People are buying gold to protect their wealth—it’s a trust thing,” said Haji Haroon Chand, a prominent Karachi trader. Demand has spiked ahead of the wedding season, though high prices are dampening enthusiasm for traditional purchases.
Analysts tie the rally to global cues, including expectations of U.S. Federal Reserve rate cuts and ongoing conflicts boosting gold’s appeal. In Pakistan, the metal’s value has nearly doubled in two years—from Rs168,000 per tola in March 2023—mirroring the rupee’s slide from 279 to over 278 against the dollar this week.
For consumers, the record highs spell tough choices. “It’s out of reach for many now,” lamented a shopper in Lahore’s gold market. As prices flirt with the Rs320,000 mark, Pakistan’s gold rush continues to captivate—and challenge—the nation’s economy.
