Gold prices in Pakistan surged to an unprecedented Rs314,000 per tola, with 10-gram gold priced at Rs269,204 following a daily increase of Rs4,700 and Rs4,030, respectively. This record-breaking rise aligns with global trends, as international gold prices peaked at $3,004.86 per ounce before slightly easing.
Experts cite several factors behind the increase, including global economic instability, the ongoing Ukraine-Russia war, and the Israel-Gaza conflict. Panic buying of gold by the United States to boost its reserves has also created ripples in the market, leading to heightened investments worldwide, including in Pakistan.
While international investors continue to stockpile gold, local consumers are struggling. Financial pressures from rising utility bills and grocery costs have forced many to sell old jewellery rather than buy new pieces—even as the wedding season approaches. High prices have also restricted gold jewellery purchases for traditional occasions.
The stability of Pakistan’s rupee against the dollar has helped prevent even sharper increases in local gold prices. However, analysts warn that if global tensions persist, gold prices in Pakistan might continue their upward trajectory.
