Pakistan has witnessed an unprecedented jump in gold prices, setting a new national record. For the first time in the country’s history, the price of gold per tola has crossed Rs 550,000. The surge follows the largest single-day increase ever recorded in the local market.
According to the All Pakistan Gems and Jewellers Association (APGJA), the price of gold rose by Rs 21,100 per tola in one day. As a result, the new price reached Rs 551,662 per tola. This sharp rise has sent shockwaves across bullion markets and among consumers.
The increase reflects both global trends and domestic economic realities. Moreover, it highlights gold’s continued role as a preferred store of value during uncertainty.
Historic Rise in Local Gold Prices
The scale of the increase is without precedent in Pakistan’s bullion history. Never before has gold recorded such a large single-day gain in rupee terms.
At the same time, the price of 10 grams of gold also jumped sharply. After an increase of Rs 19,080, the new rate reached Rs 472,961. Jewellers say demand remains steady despite the soaring prices.
Traditionally, gold prices in Pakistan move in line with international markets. However, local factors often magnify the impact. These include currency depreciation, import costs, and market speculation.
For many households, the latest increase places gold further out of reach. This is especially true for middle-income families planning weddings or savings.
Global Gold Markets Drive the Surge
International prices also recorded a dramatic rise. In global markets, gold increased by $211 per ounce. The new international price now stands at $5,293 per ounce.
Analysts link this rise to global economic uncertainty. Central banks worldwide continue to hold gold as a reserve asset. Investors also turn to gold during periods of geopolitical tension.
Furthermore, expectations around interest rates play a key role. When rates remain uncertain, gold often becomes more attractive. As a result, global demand tends to increase.
Pakistan’s gold market closely follows these international movements. Any sharp change abroad quickly affects local prices.
Silver Prices Also Move Up
The upward trend was not limited to gold. Silver prices also recorded a notable increase in the domestic market.
According to the association, silver rose by Rs 271 per tola. After the increase, silver reached Rs 11,911 per tola. Although less dramatic, the rise reflects broader precious metal trends.
Silver is widely used in industry and jewellery. Its price often follows gold, though with more volatility.
Economic Pressures Add to the Impact
Rising gold prices also reflect broader economic pressures in Pakistan. Inflation remains a key concern for consumers. The rupee has faced repeated bouts of weakness in recent years.
As purchasing power declines, many people turn to gold as a hedge. This behavior further pushes up demand and prices.
Experts say such price levels could affect jewellery sales. However, investment demand may continue. Gold bars and coins often see stronger interest during uncertain times.
What Lies Ahead
Market observers urge caution in the coming days. Gold prices can be volatile, especially after sharp jumps. Much will depend on global economic signals and currency movements.
For now, the latest surge marks a historic moment. Gold has once again proven its status as a safe asset. Yet, for ordinary buyers, affordability remains a growing challenge.
As markets adjust, both consumers and investors will watch closely. The next moves could define price trends for months ahead.
