KARACHI, Pakistan: The gold market in Pakistan witnessed another record-breaking surge on Wednesday as 24-karat gold touched an all-time high of Rs. 376,700 per tola, marking an increase of Rs. 6,000 within a single day. The rate for 10 grams of gold also climbed to Rs. 322,959, up by Rs. 5,144.
The upward rally was not limited to 24-karat gold. The price of 22-karat gold jumped to Rs. 296,056 per tola, reflecting a gain of Rs. 4,715. Meanwhile, silver prices edged higher as well, reaching Rs. 4,315 per tola and Rs. 3,699 per 10 grams, registering a slight increase of Rs. 12 and Rs. 10, respectively.
On the global front, the international bullion market saw gold trading at $3,540 per ounce, a sharp hike of $60 in just 24 hours. Analysts attribute this surge to investor uncertainty over delays in US Federal Reserve interest rate cuts, compounded by escalating geopolitical tensions such as the ongoing Middle East conflict and concerns over global economic stability.
For Pakistan, these rising prices present a double-edged sword. While investors view gold as a secure haven in turbulent times, ordinary consumers—particularly those preparing for weddings or cultural festivities—are feeling the financial squeeze. Jewelers report lower footfall, with many buyers either postponing purchases or opting for lighter ornaments.
The consistent climb in gold rates underscores how vulnerable the local market is to international economic fluctuations. With no signs of stabilization on the horizon, the precious metal’s relentless surge continues to reshape both investment strategies and household budgets across the country.
This story has been reported by PakTribune. All rights reserved.