KARACHI: Gold prices in Pakistan soared to an all-time high on Monday after a sharp rise in international bullion markets, pushing the precious metal further out of reach for many consumers.
According to the All Pakistan Sarafa Gems and Jewelers Association, the price of gold rose by a record Rs. 4,643 per tola, bringing the rate to Rs. 442,636, the highest level ever recorded in the country.
The price of 10 grams of gold increased by Rs. 4,179 rupees to Rs. 378,345 rupees.
The rally followed gains in global markets, where spot gold climbed by $46 per ounce to close at a record $4,202 an ounce, dealers said.
On the other hand, silver prices also rose sharply in international and local markets, driven by gains in global bullion trading that pushed the metal to higher levels across the board.
In the global market, silver increased by $1.89 per ounce, reaching $66.71 per ounce, dealers said.
The international surge directly impacted Pakistan’s domestic bullion market, where silver prices also recorded significant increases.
According to the local sarafa association, the price of silver rose by Rs. 189 per tola to Rs. 7,151. Similarly, the price of 10 grams of silver increased by Rs. 170, reaching Rs. 6,079.
Bullion dealers attributed the surge to growing global economic uncertainty and increased investor demand for safe-haven assets.
Gold is traditionally viewed as a store of value and tends to attract investors during periods of inflation, geopolitical tensions and market volatility.
Pakistan revised its gold pricing mechanism last year, setting domestic prices at a premium of $20 per ounce above international market rates.
