KARACHI — Gold prices in Pakistan witnessed a dramatic surge on Friday, with the per tola rate of 24-karat gold skyrocketing by Rs14,100, reaching a historic Rs456,900 in local markets. The sharp spike marks one of the steepest single-day increases recorded this year, reflecting both domestic economic pressures and global market volatility.
According to bullion dealers, the price of 10 grams of 24-karat gold climbed by Rs12,089, settling at Rs391,718, while 22-karat gold saw a corresponding jump to Rs359,087. Silver prices followed suit, increasing by Rs167 per tola to hit Rs5,504, indicating a broader surge in precious metals demand.
Market analysts attributed the sudden escalation to multiple factors, including global economic uncertainty, fluctuations in the US dollar, and rising demand for safe-haven assets. International gold prices have been on an upward trajectory in recent weeks, driven by geopolitical tensions and investor caution amid volatile currency movements.
In Pakistan, local traders say the price hike also reflects the rupee’s relative weakness and speculative buying ahead of anticipated market corrections. The spike has fueled both investor interest and consumer concern, particularly among those planning weddings or major gold purchases in the coming months.
Experts predict that if global prices continue to climb, domestic gold rates may remain under upward pressure in the short term, potentially setting new records in the weeks ahead.
This story has been reported by PakTribune. All rights reserved.